# Lake Macquarie City Council fiscal and housing developments

> Live situation record from CLSTR: https://clstr.news/situations/lake-macquarie-city-council-fiscal-and-housing-developments
> Updated: 2026-08-25T07:00:00.000Z. Sources: 3. Developments: 2.

Lake Macquarie City Council has reported significant fiscal and social policy developments. The council reduced its total debt by 15.05 per cent over the last financial year, lowering borrowings from $222 million to $188.6 million. Mayor Adam Shultz attributed this $33.4 million reduction to responsible fiscal management, despite a $7.5 million loss in disposal assets following a fire at the Speers Point administration building.

Following these financial reports, the council endorsed a plan to address rising rent costs and homelessness. The motion, which passed with a 10-1 vote, directs staff to investigate using council-owned land for affordable housing. The council intends to work with community housing providers rather than acting as a developer to secure low-cost housing options.

## Timeline

### 2026-08-25: Lake Macquarie City Council endorses affordable housing plan

Lake Macquarie City Council has voted 10-1 to endorse a plan to use council-owned land for affordable housing projects.

2 sources. https://clstr.news/cluster/lake-macquarie-city-council-endorses-affordable-housing-plan

### 2026-08-23: Lake Macquarie City Council reduces debt by $33.4 million

Lake Macquarie City Council reduced its debt by over $33 million this financial year, achieving a 15.05 per cent decrease in total borrowings.

2 sources. https://clstr.news/cluster/lake-macquarie-city-council-reduces-debt-by-334-million

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Cite as: Lake Macquarie City Council fiscal and housing developments. CLSTR, https://clstr.news/situations/lake-macquarie-city-council-fiscal-and-housing-developments