HOME OWNERSHIP GOING BACKWARDS

Three new reports released this week have highlighted the Turnbull Government’s abject failures on housing affordability, home ownership and homelessness.  The University of Melbourne’s long term HILDA report, Mission Australia’s Young People’s Experiences of Homelessness survey and the ACOSS-UNSW Inequality in Australia report all paint a damning picture of the Government’s policy failures.  The three reports were released ahead of Homelessness Week 2018 which runs from August 6-12.  The HILDA report shows that young people currently in the private rental market are half as likely to transition into home ownership as they were 10 years ago.  The report shows that single parents are most likely to be renting and experiencing rental stress.  Meanwhile, the Young People’s Experiences of Homelessness survey results show youth homelessness is on the rise and that a national homelessness policy is needed to address the issue.  Alarmingly, the survey showed almost one in five young people who had couch surfed had done so when they under the 12 years old.  Shadow Minister for Housing and Homelessness, Doug Cameron, said this is further evidence the Turnbull Government has completely dropped the ball on affordable housing and homelessness.  “Malcolm Turnbull cannot continue to ignore the housing affordability crisis gripping the country,” Senator Cameron said.  “The more unaffordable housing is, the more likely those at the bottom of the market fall into housing stress and homelessness.  “The Government refuses to tackle negative gearing and capital gains tax concessions that advantage wealthy property investors while reducing homelessness support including to remote communities.  “As clearly highlighted in each of these reports, housing affordability is just getting worse and it is widening intergenerational inequality.  “Meanwhile, Malcolm Turnbull wants to give big banks and multinational companies an $80 billion tax cut, further increasing inequality in Australia.”  Senator Cameron said Labor has a plan to tackle housing affordability by reforming negative gearing and capital gains tax, cracking down on foreign ownership by increasing fees and penalties, and by securing agreement with the states to introduce uniform vacant property taxes.  “Labor will also re-establish the National Housing Supply Council, re-instate a dedicated Minister for Housing and Homelessness and boost homelessness support for vulnerable Australians,” he said.  “If Malcolm Turnbull put half the effort into housing and homelessness that he does trying implement tax cuts for his mates at the big end of town, Australia would be a much fairer and more egalitarian place to live.”