In the same week Australian households were told their mortgage repayments will go up, they have also learnt who the real beneficiaries of government housing policies are and\u2026. it\u2019s not first-home buyers.<\/p>\n\n\n\n
As reported<\/u><\/a> in the media, the Housing Minister’s “policy brain” who was pivotal to the creation of Labor\u2019s 5 percent deposit scheme, which drove up house prices in the midst of a housing crisis, is making the move to Commonwealth Bank – one of the big four banks profiting off bigger home loans.<\/p>\n\n\n\n The Greens say the lucrative revolving door is shameful and it\u2019s clear that Labor cares more about the profits of the banks than it does about first-home buyers.<\/p>\n\n\n\n Greens spokesperson for finance, housing and homelessness Senator Barbara Pocock:<\/strong><\/p>\n\n\n\n \u201cIn the midst of a housing crisis, Labor\u2019s 5 percent deposit scheme has driven up house prices. It\u2019s a policy that encourages people to take on more and more debt while they compete with wealthy property investors.<\/p>\n\n\n\n \u201cAs millions of Australians now face increased mortgage repayments in a cost of living crisis, many will be left wondering who benefits? The banks do. For every mortgage, the banks make $200,000 profit<\/u><\/a>. <\/p>\n\n\n\n \u201cWhen the Housing Minister\u2019s adviser takes up a job at an institution that is among the greatest beneficiaries of Labor\u2019s policy, what are mortgage holders and first-home buyers supposed to think? <\/p>\n\n\n\n \u201cThis is a blatant example of the endless rewards of the lucrative revolving door. <\/p>\n\n\n\n \u201cAustralians are fed up with the jobs-for-the-mates mentality that’s plagued successive governments. This is why the Greens have always supported strengthening lobbying oversight by extending the ban on former ministers’ lobbying from 18 months to five years and applying it to senior staff.<\/p>\n\n\n\n \u201cTreasury\u2019s own modelling said house prices would go up under the 5 percent deposit scheme. Borrowing 95% of a mortgage when homes are eight times the average household income<\/u><\/a> is a recipe for financial stress, not stability. It\u2019s clear that Labor and its advisors care more about banks than it does about first-home buyers and making housing affordable. <\/p>\n\n\n\n \u201cWithout tackling the root causes of the housing crisis, which is the tax breaks for wealthy property hoarders, house prices will continue to spike, and banks will continue to rake in the profits.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" In the same week Australian households were told their mortgage repayments will go up, they have also learnt who the real beneficiaries of government housing policies are and\u2026. it\u2019s not first-home buyers. As reported in the media, the Housing Minister’s “policy brain” who was pivotal to the creation of Labor\u2019s 5 percent deposit scheme, which drove up … Continue reading “First home buyers, latest casualties of a rotten revolving door”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-37233","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/37233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=37233"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/37233\/revisions"}],"predecessor-version":[{"id":37234,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/37233\/revisions\/37234"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=37233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=37233"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=37233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}