The impasse in the Senate over the adequacy of Labor’s proposed new fund for social and affordable housing is only one part of a much greater national failure, writes Jennifer Hewett.
came in reassuringly lower than expected, but a standout contributor to an annual rate of 6.8 per cent was a 9.9 per cent increase in the cost of housing in Australia.
That’s not only a complicated economic context for the Reserve Bank as it decides whether to pause or continue lifting interest rates next week. It also demonstrates the giant and growing gap between Australia’s obvious need for far more new housing and any ability to deliver it. A simple division of dollars available per home demonstrates this – let alone any ability to substantively increase the number of dwellings needed to accommodate overall demand.
The general plan is to bridge the funding difference by leveraging involvement from Australia’s super funds and other private sector investors as part of theThis promises collaboration between all levels of government and market participants – including super funds, other institutional investors and the construction sector – “to unlock quality, affordable housing supply over the medium term”.
Rising interest rates can temporarily push down prices but other forces, including immigration, development constraints and inadequate supply, counter that long-term.
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