As cash-strapped residents struggle to pay rent and owners face mounting costs, a 'mess' is about to play out in the real estate market according to industry groups.
Prime Minister Scott Morrison and state and territory leaders implemented a moratorium on all residential evictions in March to avert fears of widespread homelessness but have yet to come up with a plan for how to keep rents flowing.
Hundreds of thousands of workers have since been stood down or sacked, putting them in line for a month-long wait for the government'swas delivered to welfare recipients on March 31, but the $1100 a fortnight JobSeeker payment will not begin until April 27 and the $1500 a fortnight JobKeeper is not due until May.
NSW has flagged it will introduce land tax concessions by providing landlords with a tax discount in exchange for rent reductions. Other states are expected to follow but a nationally consistent approach on rental waivers or a proportionality principle for residential tenants has yet to be adopted.
"The problem is we have eight million tenants in three million rental properties. This is not going to be a small problem." The institute on Monday asked the Fair Work Commission to halve the real estate agent minimum base salary from $54,500 to $27,250 to avoid thousands being stood downThe Morrison government and the Australian Council of Trade Unions have called for landlords and tenants to work together.
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