New Cotality data shows rental affordability is at a record low as rents rise 2.5 times faster than wages, while ABS data today shows investor lending continues to skyrocket to record levels.<\/p>\n\n\n\n
The Greens say this is further proof of Labor making the housing crisis worse, with explosive expansion in wealthy property investor spending and more and more renter stress. Labor needs to stop prioritising wealthy property investors over renters and first-home buyers.<\/p>\n\n\n\n
Greens spokesperson for finance, housing and homelessness Senator Barbara Pocock:<\/strong><\/p>\n\n\n\n \u201cThe ABS data shows the biggest winners of Labor\u2019s 5% deposit scheme are property speculators who rushed into the market, certain that the government\u2019s policy was going to push up property prices and they were right.<\/p>\n\n\n\n \u201cDouble the amount of lending has gone to property investors than first-home buyers in the first three months of Labor\u2019s scheme – a frankly unbelievable $43 billion in three months.<\/p>\n\n\n\n \u201cProperty investor lending increased by 31.8% over the year, the clearest sign yet that the worst of Australia\u2019s housing crisis is yet to come.<\/p>\n\n\n\n \u201cRenters are footing the bill for a market stacked in favour of investors, while their wages can\u2019t keep up. <\/p>\n\n\n\n \u201cAustralia is in a national housing crisis that is spiralling out of control and renters are being squeezed dry in a landlord-driven market.<\/p>\n\n\n\n \u201cAmid rising cost-of-living pressures, renters are having to fork out more than one-third of their income just to keep a roof over their heads. <\/p>\n\n\n\n \u201cHow is it fair that renters are bearing the brunt of the housing crisis while investors profit from tax incentives such as the capital gains tax discount?<\/p>\n\n\n\n \u201cAcross the country, renters are in deep financial strife while governments hand out huge tax perks to property hoarders. Labor must scrap these tax breaks.<\/p>\n\n\n\n \u201cLabor\u2019s policies, such as the changes to the 5% deposit scheme and $181 billion tax breaks for wealthy property investors, are pushing house prices up and up, forcing rents to skyrocket.<\/p>\n\n\n\n \u201cFor decades, successive governments have turbocharged house prices and driven up rents, putting billions of dollars in the pockets of property investors, property developers and the banks. <\/p>\n\n\n\n \u201cRather than giving billions of tax breaks to wealthy property investors, the government needs to cap rents and invest directly in social and affordable housing, renting it to people who need it at prices they can actually afford.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" New Cotality data shows rental affordability is at a record low as rents rise 2.5 times faster than wages, while ABS data today shows investor lending continues to skyrocket to record levels. The Greens say this is further proof of Labor making the housing crisis worse, with explosive expansion in wealthy property investor spending and … Continue reading “Lending data shows the worst of Australia\u2019s housing crisis is yet to come”<\/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-37366","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\/37366","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=37366"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/37366\/revisions"}],"predecessor-version":[{"id":37367,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/37366\/revisions\/37367"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=37366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=37366"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=37366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}