Since we posted this picture the first time, the amount of tenant bond money held by the Residential Tenancies Authority (RTA) has increased. At the end of August, $655.9M of was held.

Last financial year, the RTA expected to make $41M in interest on tenants’ bonds, most of which was used to run the RTA itself.  Only $5M was given to the Department of Housing for the Tenant Advice and Advocacy Service program (TAAS), a program aimed specifically at addressing tenants’ needs.  Additional to the bond interest, another $1.4M was added from consolidated revenue, bringing the TAAS program funding to $6.4 in its entirety.

This year, the Housing Minister did not let the RTA fund the TAAS program, even though they wanted to.  Instead, the RTA has now provided $7M in tenants’ bond interest to the Department of Housing for, according to the Minister, the delivery of social housing.  That’s more than the entire TAAS program funding for last year.

Tenants.  Hung out to dry.