In 2015 I made a personal submission to the Federal Government Tax Review. I was at the time I was concerned about home unaffordability (and continue to be). In the submission I expressed concerns about the rising price of homes and how difficult it was for young Australians to be able to afford to buy and pay off their first home. I also offered some tax-based solutions on how to fix it. To read my submission, click here. Since then nothing has changed and I’ve continued to become annoyed about this, as I hear from clients with adult children about the disappointment and anxiousness this causes.
As I read The Australian yesterday I see that by world standards, young Australians are getting locked out. More young people in China, Mexico, France, Malaysia, USA, Canada, and the UK own their home than what they do in Australia1.
Surely it’s time for our governments at all levels to come together and develop serious policies to resolve this? I fear that if we don’t many future generations of young Australians won’t have the opportunity to own a home in the city they were born or live in.
If you agree, I invite you to read ‘The Real Home Truth – Why unaffordable housing hurts us all’. It outlines factors that have caused this and offers real solutions to fix home unaffordability.