Homes could be built faster, cheaper and with less waste following the federal government's promise to cut red tape holding back modular construction.

The Albanese government has announced new measures to encourage innovation and faster construction in the building industry.

In addition, banks will work with government to make it easier to finance the build of prefabricated and modular homes.

“Our collaboration with Prefabulous opens a new market in sustainable modular construction, a sector that could well be the answer to the country’s housing crisis as well as helping Australia ...

One consequence is the difficulty of building prefabricated or "modular" homes in Australia, a method popular overseas which can unlock greater scale for developers. Ms Wood also said the labour ...