A new report makes clear that Australia’s inability to provide secure housing for lower-income people puts it at a competitive disadvantage to other countries.
– rather than making ownership more accessible for lower-income people, a new Australian Housing and Urban Research Institute report shows.
“Unlike most of the international comparison countries, Australia stands out, as it overwhelmingly uses demand-side instruments and lacks a strategic framework,” said report author Chris Martin of UNSW City Futures Research Centre.“And unlike countries such as Finland and Singapore, Australian governments have resisted prioritising first home buyers’ genuine interests by reforming tax settings that favour their housing market competitors: established homeowners and would-be rental investors.
In addition to demand-boosting measures, the UK also has a heavy reliance on public housing development, along with right-to-buy schemes allowing social tenants to purchase their dwellings and regulation of its land use to ensure development of suitable new housing stock, the report says. payments could have funded the construction of about 60,000 social housing dwellings without inflating housing prices.The money could also have funded the purchase of 137,000 shared-equity homes, but even these “revolving fund” schemes that recycle money back to the government, which then pays it out to new clients accelerate ownership for moderate-income households, rather than making it easier for lower-income people to buy, the report says.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Without meaningful national housing strategies, first-home buyer schemes will only increase owners’ wealthThe Albanese government plans new help for entering the market but systemic change is needed to tackle housing affordability
Read more »
Manchester United confirm Tyrell Malacia as first signing of Ten Hag eraErik ten Hag has made his first signing as Manchester United manager after the club confirmed Tyrell Malacia had joined from Feyenoord for €15m plus €2m in add-ons
Read more »
Cloned mice created from freeze dried skin cells in world firstBreakthrough could help conservationists revive dwindling populations of endangered species
Read more »
‘It’s crazy’: Maria into first grand slam semi a year after second child’s birthTatjana Maria, a woman who this time last year had just given birth to her second daughter, reached her first grand slam semi-final at Wimbledon after defeating Jule Niemeier
Read more »
First of the big four banks passes on massive interest rate hikeThe Commonwealth Bank has passed on the Reserve Bank of Australia’s 0.5 per cent rate hike. 7NEWS
Read more »
More help for those seeking to buy their first homeExpansion in the number of places in government-backed, low-deposit property purchase schemes comes as the average deposit paid by first-time buyers reaches $120,000.
Read more »