With the summer season is just around the corner, fashion experts have rounded up this year’s summer must-haves for an
Any of the excellent hostels in Paris will provide you with a prime base from which to explore the city's
In an extraordinary display of bravery and quick thinking, a group of female cyclists in Washington State successfully fought off
First of all, Cambridge attracts tourists in large number not just because of the iconic institution that is located here,
In January of this year, a controversial incident occurred on an American Airlines flight from Phoenix to New York City,
Introduction With a long and rich history dating back to the late 80s and early 90s, windsurfing, kitesurfing, and boardsailing
Draw on The Furniture You can use a nonslip metal ruler or a sharpie for this purpose. You can add
It is hard to imagine a clothing store in the 21st century which is not able to present its offer
In highly developed countries, practically every family has at least one car. At times, every adult member of the family
What will you learn?
1. What actions has the Albanese government taken to address the housing issue in Australia?
2. How many homes does the Australian government plan to build, and what funds have been allocated for this?
3. How have the incomes of people able to buy homes in Australia changed since 2019?
4. What long-term effects on society result from high housing prices?
5. How do high housing costs affect the productivity and economic abilities of Australians?
Housing affordability increasingly out of reach
Housing affordability is declining as property values and rental rates rise, outpacing the growth of household incomes. The average full-time annual income in Australia reached 98,098 Australian dollars, according to the latest data from the Australian Bureau of Statistics, yet those who can afford to buy a home earn on average more than double that, at 220,000 Australian dollars. This represents a nearly 40% increase from 160,000 Australian dollars in 2019. "The result is a falling rate of homeownership, more pressure on an already tight rental market, and then that cascades to the most vulnerable in our society, for example, greater reliance on homelessness services," said Owen from CoreLogic.
Long-term effects of high housing prices
Furthermore, Owen noted that high housing prices have "ugly" long-term effects. "We're seeing real estate as a bigger driver of the wealth divide between wealthier and lower-wealth households, because income growth can't keep up with prices," Owen said. Higher housing costs for renters and recent mortgage holders also weigh on our productivity and economic capacity because there's less money left over for personal investment. The Reserve Bank of Australia stated in its May monetary policy decision that "household consumption growth has been particularly weak as high inflation and the earlier rises in interest rates have affected real disposable income." The central bank indicated that households are saving and cutting back on discretionary spending.