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Channel 10 axes another show amid ratings crisis

<p>Channel 10 has decided to axe yet another popular show as they continue to grapple with declining ratings and viewers leaving. </p> <p>Following the cancellation of <em>The Bachelors </em>and <em>The Masked Singer</em>, <a href="https://www.dailymail.co.uk/tvshowbiz/article-13449749/Channel-10-axes-amid-ratings-crisis-revealed-Channel-Seven-considering-saving-unlikely-series.html" target="_blank" rel="noopener"><em>Daily Mail Australia</em></a> reported that the network was also cancelling <em>Gladiators</em>. </p> <p>Despite the show's success in the UK, the Australian reboot struggled to find the same effect as they failed to sustain their initial viewership. </p> <p>The show produced by Warner Bros and hosted by Beau Ryan and Liz Ellis was launched with high hopes and attracted 395,000 metro viewers during its premiere. </p> <p>However, by the second episode the numbers plummeted to just 196,000 - over half of the initial viewership. </p> <p>Critics on social media were also quick to point out the lack of crowd presence, despite the show being filmed under normal conditions, with one person saying: "It felt like watching an event without any real energy."</p> <p>The Traitors is another the show that was axed by the network after just two seasons, and now an insider has revealed that Channel Seven is considering commissioning the series.</p> <p>"The show's concept has potential, but it needs a fresh approach and a new platform," the insider told <em>Daily Mail Australia</em>. </p> <p>They also shared what's in store for Channel 10 as they attempt to revive their ratings. </p> <p>"Channel 10 is now deciding to put all their eggs in one basket, planning to roll out not one, but two seasons of Australian Survivor in 2025," the insider said. </p> <p>"They are putting together a 10th season special as well as an Australia vs USA Survivor all-star showdown which will be screened simultaneously in America and Down Under."</p> <p>A Channel 10 executive said: "Survivor has consistently performed well for us, and we believe this new approach will reignite audience interest."</p> <p>The <em>Daily Mail</em> reported that they have contacted Channel Seven and 10 for a comment. </p> <p><em>Image: Ten</em></p>

TV

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Airbnb launches real-life "Up" house - and it actually floats!

<p>Airbnb is taking its latest listing to the sky - literally. </p> <p>The accommodation provider has announced a partnership that will see the iconic house from Pixar's hit film <em>Up</em> being lifted into the air, balloons and all. </p> <p>In their ongoing quest to redefine hospitality, Airbnb has launched a permanent category called “Icons,” which features partnerships with brands and celebrities that promise unforgettable experiences.</p> <p>Suspended over the New Mexico desert with the aid of a crane, the property looks like an exact replica of the home and contains adorable easter eggs from the film - including the Adventure Book. </p> <p>“Icons take you inside worlds that only existed in your imagination — until now,”  Airbnb CEO and co-founder Brian Chesky said in a statement.</p> <p>“As life becomes increasingly digital, we’re focused on bringing more magic into the real world … we’ve created the most extraordinary experiences on Earth." </p> <p>The house offers a stunning view of the desert, which you can enjoy while sitting on replica's of Ellie and Carl's chairs or have breakfast with a view in the kitchen. </p> <p>Alternatively, you could look at the stars while sitting on the front porch - but don't look down because the adventure is out there. </p> <p>Of course there are questions about the logistics of the stay, including plumbing and electricity, but the accommodation giant has assured that the house is “fully functional,” connected to generators and utilities that will be seamlessly managed before and after its flight.</p> <p>Other fantastical listings include a replica of the mansion from the “X-Men ’97” cartoon, a stay at the Ferrari Museum in Italy, and Prince's house that was featured in the legendary film <em>Purple Rain</em>. </p> <p>Check out the <a href="https://www.airbnb.com.au/rooms/1126185893236246260?_set_bev_on_new_domain=1715826165_M2NkZDdkODdhMjcy&amp;source_impression_id=p3_1715826166_A20M4770EGAtl8AV&amp;modal=PHOTO_TOUR_SCROLLABLE" target="_blank" rel="noopener"><em>Up</em></a> listing here, be warned the sweet listing may make you shed a tear or two. </p> <p><em>Images: Airbnb</em></p> <p> </p>

Real Estate

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“Greedy” landlord slammed for illegal act

<p>A Victorian landlord has been slammed on social media after admitting to making her tenants pay an illegal pet bond amounting to $1000. </p> <p>The woman made the admission while replying to a post on a Facebook group for Victorian landlords after a member asked for advice about renting to tenants who have pets. </p> <p>"Not knowing everything but in my experience I would rather have pets than kids!" the landlord began. </p> <p>"I would ask for a pet bond. I have one it's $1000 for damages by the pet," she said</p> <p>Pet bonds are illegal in Victoria, and landlords who try to secure it illegally often describe it as a way to cover costs if their pet causes any damages to the property.</p> <p>When the poster replied saying that her tenant offered to provide a pet bond, but she knows they're not legal in Victoria, the landlord confessed that: "I know they are not legal but I always ask for them and my PM (property manager) has been great about them.”</p> <p>“I have lots of pets personally and don’t turn down animals. Again, kids have done more damage than animals in my experience,” she added.</p> <p>“Most renters are happy to do it as it means they can have animals.”</p> <p>In Victoria renters who want a pet on the property must ask the rental provider, and if they refuse the request, the landlord must provide a valid excuse, with assistance dogs being the exception. </p> <p>If a pet causes damages to a property, the cost of these damages can be taken out of the regular bond paid at the start of their tenancy, so a pet bond is not required. </p> <p>Western Australia is the only state where landlords can legally ask for a pet bond, but even then they can only charge a maximum of $260 regardless of how many pets there are. </p> <p>A screenshot of the landlords shocking admission was shared on X by by popular renter’s advocate, Jordie van den Berg with the caption: “Landlord: ‘yeah I know it’s not legal, but I do it anyway’." </p> <p>Outraged renters slammed the landlord's “greedy” and “vile” behaviour, with one calling it “emotional blackmail”. </p> <p>“‘Most renters are happy to pay’ – I’m sure none of them are happy but they need somewhere to live without having to give up their pet," one wrote. </p> <p>“I personally would not describe myself as ‘happy’ to be exploited over an illegal bond that I can’t dispute when you go ahead and invent some bulls**t to keep it because the alternative is that it’s almost impossible to get a rental with pets,” another added. </p> <p>“The most concerning thing is the manager, how many illegal bonds have they taken and where is the money being held? In the agents account, with the owner? It wouldn’t be with fair trading where legal bonds are lodged,” a third wrote. </p> <p>This comes after a recent Rental Affordability report shared by Anglicare Australia revealed that “the housing crisis is the worst it’s ever been." </p> <p>According to the report only 0.6 per cent out of 45,000 listings across the country were considered affordable for a person earning a full-time minimum wage. </p> <p><em>Image: Jordie Berg/ X/ Shutterstock</em></p>

Legal

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Quiet beach town offering $450k job with free house and car

<p>A picturesque beach town in Western Australia has found a creative way to bring jobs to the area: by offering a range of enticing bonuses. </p> <p>The town of Bremer Bay, south-east of Perth, is desperate for healthcare providers to join the small town and have offered a range of persuasive perks to a doctor who would be willing to leave a big city for the job in the regional location. </p> <p>Bremer Bay is next to the Fitzgerald River National Park and nearly 40 minutes away from the closest town. Currently, they only have one temporary doctor; the next permanent GP is in Albany, almost 200 kilometres away, and the town is looking for the "Swiss army knife of doctors" to step up.</p> <p>According to the job listing on Seek, the successful applicant will be granted a rent-free five-bedroom house and a four-wheel drive, on top of a salary of up to $450,000 a year.</p> <p>"Live rent-free in a scenic location, experiencing the true essence of rural Australia," the advertisement reads.</p> <p>"We offer a competitive 70 per cent of Billings or a generous Salary, based on your preference. In addition, you'll enjoy the convenience of a beautiful new 5-bedroom home and 4X4."</p> <p>Applicants must be registered with the Australian Health Practitioner Regulation Agency and be willing to train as a rural generalist.</p> <p>According to the <a title="Australian Institute of Health and Welfare" href="https://www.aihw.gov.au/reports/rural-remote-australians/rural-and-remote-health" target="_blank" rel="noopener">Australian Institute of Health and Welfare</a>, people living in rural and remote areas have higher rates of hospitalisations, deaths and injury compared to city-dwellers, while also having poorer access to primary health care services.</p> <p><em>Image credits: Shutterstock</em></p>

Money & Banking

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Becoming a landlord while still renting? ‘Rentvesting’ promises a foot on the property ladder, but watch your step

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/james-graham-1264059">James Graham</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p>As home ownership moves further out of reach for many Australians, “rentvesting” is being touted as a lifesaver.</p> <p>Rentvesting is the practice of renting one property to live in yourself, while simultaneously purchasing an investment property somewhere cheaper and leasing it out.</p> <p>Ideally, “rentvestors” get to enjoy the capital gains on an investment property while living where they actually want to live, allowing them to cash in and upsize to their dream home later.</p> <p>It might seem like a savvy way to game the property market. But what are the risks of such an investment strategy? And how might broad adoption of this behaviour affect housing affordability in Australia?</p> <h2>A rising tide lifts all boats differently</h2> <p>The aim of the rentvesting game is to buy cheap property now, ride the expected capital gains, and move into a more desirable home down the track. The hope is that by climbing the first rung of the property ladder early, the whole thing won’t be pulled up out of reach.</p> <p>The first problem with this strategy, however, is that capital gains on housing are not always and everywhere equal.</p> <p>Generally, the cheapest properties available to rentvestors will be houses in the regions or apartments in the city. But both regional housing and apartment properties <a href="https://www.abc.net.au/news/2024-02-20/house-apartment-price-gap-widens-record-high-property-market/103484076">tend to appreciate more slowly</a> than the inner-city houses rentvestors might hope to live in one day. They might get a foot on the property ladder, but the rungs themselves are slowly drifting apart.</p> <p>Would-be rentvestors should also be aware that investments by “out-of-town” buyers tend to generate <a href="https://academic.oup.com/rfs/article-abstract/29/2/486/1902789">much lower returns</a> – both capital gains and rental yields – than investments by locals. Out-of-towners don’t know the local market trends, don’t know which neighbourhoods to avoid, and aren’t able to monitor their investments as effectively from afar.</p> <p>Avoiding the regions by investing in city apartments presents its own difficulties. Large, unexpected maintenance bills and poor strata management are <a href="https://www.abc.net.au/news/2024-03-21/a-world-of-hidden-charges:-strata-company-insiders/103617944">common complaints</a>.</p> <h2>Different costs lead to different returns</h2> <p>Perhaps the potential rentvestor should invest in something more straightforward instead, like stocks. After all, the return on equities in Australia has <a href="https://academic.oup.com/qje/article/134/3/1225/5435538">outperformed housing</a> in recent decades.</p> <p>However, it is much easier to borrow to invest in property than it is to borrow to invest in the stock market. And leverage is the investor’s secret weapon. For example, if house prices were to appreciate at 10% per year, then using a mortgage and a A$100,000 deposit on a $1 million property would earn you a 100% return on equity before costs.</p> <p>But while both investors and homeowners would earn that same basic return, their costs could be very different. For starters, property investors face capital gains tax on the proceeds of property sales, <a href="https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/property-and-capital-gains-tax/your-main-residence-home/eligibility-for-main-residence-exemption">unlike those selling their primary residence</a>. Banks also typically charge <a href="https://www.rba.gov.au/chart-pack/interest-rates.html">higher interest rates</a> on mortgages to investors than to homeowners.</p> <p>At times, the Australian Prudential Regulation Authority has also imposed caps on bank lending against investment properties, making it more difficult to find mortgage financing in the first place.</p> <p>Highly leveraged properties require mortgage insurance, too. Investors may need to take out larger insurance policies against the properties themselves, reflecting the higher risks associated with investment properties. Then, you also have to throw in property management fees, council rates, strata management fees and regular and unexpected maintenance costs.</p> <h2>Negative gearing offers little benefit</h2> <p>What about negative gearing? Property investors that generate losses on their property can deduct these costs against the tax bill on their other income.</p> <p>But negative gearing disproportionately benefits high-income earners with large tax bills. The <a href="https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/personal-income-australia/latest-release">median Australian individual income</a> is around $55,00, which generates a tax bill of about $8,000 – not a lot from which investment property losses can be deducted.</p> <p>The bigger picture is that while negative gearing helps defray the regular costs of managing a property, it doesn’t do anything to change expected capital gains.</p> <p>At the end of the spreadsheet tally, an investment property could end up earning rentvestors significantly less than they could have gained by simply buying their first home.</p> <h2>Effects on housing affordability</h2> <p>Rentvesting is new enough that its prevalence and influence awaits formal academic study. But economists might speculate about its implications for the housing market more broadly.</p> <p>The simplest analysis suggests that a rentvestor occupies one rental property while supplying an additional rental property to the market. If, instead, they had bought a home, they would vacate a rental property while removing another property from the market. In this case, even rentvesting en masse would have zero net effect on the housing market.</p> <p>But a more nuanced perspective might consider where rentvestors are renting and where they are investing. Perhaps they are most likely to rent properties in the already-crowded inner city, but purchase investment properties in regional areas where other first home buyers would like to live.</p> <p>This would increase demand for rentals in the city and reduce the supply of owner-occupier properties in the regions, worsening the affordability of both.</p> <p>Of course, if these rentvestors all eventually move up the property ladder – selling in the region and purchasing in the city – this effect would be reversed. From that longer-term perspective, rentvestors would ultimately have little effect.</p> <h2>We still need more houses</h2> <p>Rentvesting is not a panacea for Australia’s housing market woes. Potential investors should weigh the benefits of property investment against its substantial costs and risks. Additionally, they need to carefully consider the obvious alternative: simply buying their first home up-front.</p> <p>We have good reason to be wary of yet another get-rich-quick scheme involving the housing market. But initial considerations suggest that for the market overall, rentvestor behaviour is no worse than someone simply buying their first home, which we would otherwise encourage.</p> <p>Rather than criticising those seeking a way though our housing market morass, we might instead redouble our efforts to increase the supply of housing.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/229116/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/james-graham-1264059">James Graham</a>, Lecturer in Economics, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/becoming-a-landlord-while-still-renting-rentvesting-promises-a-foot-on-the-property-ladder-but-watch-your-step-229116">original article</a>.</em></p> </div>

Money & Banking

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Stamp duty is holding us back from moving homes – we’ve worked out how much

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/nick-garvin-1453835">Nick Garvin</a>, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a></em></p> <p>If just one state of Australia, New South Wales, scrapped its stamp duty on real-estate transactions, about 100,000 more Australians would move homes each year, according to our <a href="https://e61.in/wp-content/uploads/2024/02/Stamp-duty-effects-on-purchases-and-moves.pdf">best estimates</a>.</p> <p>Stamp duty is an unquestioned part of buying a home in Australia – you put your details in an online mortgage calculator, and stamp duty is automatically deducted from the amount you have to contribute.</p> <p>It’s easy to overlook how much more affordable a home would be without it.</p> <p>That means it’s also easy to overlook how much more Australians would buy and move if stamp duty wasn’t there.</p> <p>The 2010 Henry Tax Review found stamp duty was <a href="https://treasury.gov.au/sites/default/files/2019-10/afts_final_report_part_2_vol_1_consolidated.pdf">inequitable</a>. It taxes most the people who most need to or want to move.</p> <p>The review reported: "Ideally, there would be no role for any stamp duties, including conveyancing stamp duties, in a modern Australian tax system. Recognising the revenue needs of the States, the removal of stamp duty should be achieved through a switch to more efficient taxes, such as those levied on broad consumption or land bases."</p> <p>But does stamp duty actually stop anyone moving? It’s a claim more often made than assessed, which is what our team at the <a href="https://e61.in/wp-content/uploads/2024/02/Stamp-duty-effects-on-purchases-and-moves.pdf">e61 Institute</a> set out to do.</p> <p>We used real-estate transaction data and a natural experiment.</p> <h2>What happened when Queensland hiked stamp duty</h2> <p>In 2011, Queensland hiked stamp duty for most buyers by removing some concessions for owner-occupiers at short notice.</p> <p>For owner-occupiers it increased stamp duty by about one percentage point, lifting the average rate from 1.26% of the purchase price to 2.27%.</p> <p>What we found gives us the best estimate to date of what stamp duty does to home purchases.</p> <p>A one percentage point increase in stamp duty causes the number of home purchases to decline by 7.2%.</p> <p>The number of moves (changes of address) falls by about as much.</p> <p>The effect appears to be indiscriminate. Purchases of houses fell about as much as purchases of apartments, and purchases in cities fell about as much as purchases in regions.</p> <p>Moves between suburbs and moves interstate dropped by similar rates.</p> <p>With NSW stamp duty currently averaging about <a href="https://conveyancing.com.au/need-to-know/stamp-duty-nsw">3.5%</a> of the purchase price, our estimates suggest there would be about 25% more purchases and moves by home owners if it were scrapped completely. That’s 100,000 moves.</p> <p>Victoria’s higher rate of stamp duty, about <a href="https://www.sro.vic.gov.au/rates-taxes-duties-and-levies/general-land-transfer-duty-property-current-rates">4.2%</a>, means if it was scrapped there would be about 30% more purchases. That’s another 90,000 moves.</p> <h2>Even low headline rates have big effects</h2> <p>The big effect from small-looking headline rates ought not to be surprising.</p> <p>When someone buys a home, they typically front up much less cash than the purchase price. While stamp duty seems low as a percentage of the purchase price, it is high as a percentage of the cash the buyer needs to find.</p> <p>Here’s an example. If stamp duty is 4% of the purchase price, and a purchaser pays $800,000 for a property with a mortgage deposit of $160,000, the $32,000 stamp duty adds 20%, not 4%, to what’s needed.</p> <p>If the deposit takes five years to save, stamp duty makes it six.</p> <p>A similar thing happens when an owner-occupier changes address. If the buyer sells a fully owned home for $700,000 and buys a new home for $800,000, the upgrade ought to cost them $100,000. A 4% stamp duty lifts that to $132,000.</p> <p>Averaged across all Australian cities, stamp duty costs about <a href="https://e61.in/wp-content/uploads/2024/02/Stepped-on-by-Stamp-Duty.pdf">five months</a> of after-tax earnings. In Sydney and Melbourne, it’s six.</p> <h2>Stamp duty has bracket creep</h2> <p>This cost has steadily climbed from around <a href="https://e61.in/wp-content/uploads/2024/02/Stepped-on-by-Stamp-Duty.pdf">six weeks</a> of total earnings in the 1990s. It has happened because home prices have climbed faster than incomes and because stamp duty has brackets, meaning more buyers have been pushed into higher ones.</p> <p>Replacing the stamp duty revenue that states have come to rely on would not be easy, but a switch would almost certainly help the economy function better.</p> <p>The more that people are able to move, the more they will move to jobs to which they are better suited, boosting productivity.</p> <p>The more that people downsize when they want to, the more housing will be made available for others.</p> <p>Our findings suggest the costs are far from trivial, making a switch away from stamp duty worthwhile, even if it is disruptive and takes time.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/225773/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/nick-garvin-1453835">Nick Garvin</a>, Adjunct Fellow, Department of Economics, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/stamp-duty-is-holding-us-back-from-moving-homes-weve-worked-out-how-much-225773">original article</a>.</em></p> </div>

Money & Banking

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Our housing system is broken and the poorest Australians are being hardest hit

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/rachel-ong-viforj-113482">Rachel Ong ViforJ</a>, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a></em></p> <p>Just when we think the price of rentals could not get any worse, this week’s <a href="https://www.anglicare.asn.au/publications/2023-rental-affordability-snapshot/">Rental Affordability Snapshot</a> by Anglicare has revealed low-income Australians are facing a housing crisis like never before.</p> <p>In fact, if you rely on the <a href="https://www.servicesaustralia.gov.au/youth-allowance">Youth Allowance</a>, there is not a single rental property across Australia you can afford this week.</p> <h2>How did rental affordability get this bad?</h2> <p>Several post-COVID factors have been blamed, including our preference for <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/new-insights-into-the-rental-market.html">more space, the return of international migrants</a>, and <a href="https://www.corelogic.com.au/news-research/news/2023/could-the-peak-in-interest-rates-signal-an-end-to-rising-rents">rising interest rates</a>.</p> <p>However, the rental affordability crisis pre-dates COVID.</p> <p>Affordability has been steadily declining for decades, as successive governments have failed to make shelter more affordable for low-to-moderate income Australians.</p> <h2>The market is getting squeezed at both ends</h2> <p>At the lower end of the rental sector, the growth in the supply of social housing persistently lags behind demand, trending at under <a href="https://povertyandinequality.acoss.org.au/data/annual-growth-rates-social-housing-stock-and-population-2011-2020/">one-third</a> the rate of population growth.</p> <hr /> <p><iframe id="OA0cS" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/OA0cS/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>This has forced growing numbers of low-income Australians to seek shelter in the private rental sector, where they face intense competition from higher-income renters.</p> <p>At the upper end, more and more aspiring home buyers are getting <a href="https://www.tandfonline.com/doi/full/10.1080/03085147.2021.2003086">locked out</a> of home ownership.</p> <p>A recent <a href="https://www.ahuri.edu.au/sites/default/files/documents/2024-02/AHURI-Final-Report-416-Affordable-private-rental-supply-and-demand-short-term-disruption.pdf">study</a> found more households with higher incomes are now renting.</p> <p>Households earning <a href="https://www.ahuri.edu.au/sites/default/files/documents/2024-02/AHURI-Final-Report-416-Affordable-private-rental-supply-and-demand-short-term-disruption.pdf">$140,000</a> a year or more (in 2021 dollars) accounted for just 8% of private renters in 1996. By 2021, this tripled to 24%. No doubt, this crowds out lower-income households who are now facing a shortage of affordable homes to rent.</p> <h2>Why current policies are not working</h2> <p>Worsening affordability in the private rental sector highlights a housing system that is broken. Current policies just aren’t working.</p> <p>While current policies focus on supply, more work is needed including fixing <a href="https://theconversation.com/governments-are-pouring-money-into-housing-but-materials-land-and-labour-are-still-in-short-supply-205471">labour shortages</a> and providing greater <a href="https://theconversation.com/people-want-and-need-more-housing-choice-its-about-time-governments-stood-up-to-deliver-it-122390">stock diversity</a>.</p> <p>The planning system plays a critical role and <a href="https://theconversation.com/confusing-and-not-delivering-enough-developers-and-councils-want-new-affordable-housing-rules-139762">zoning rules</a> can be reformed to support the supply of more affordable options.</p> <p>However, the housing affordability challenge is not solely a supply problem. There is also a need to respond to the <a href="https://theconversation.com/home-prices-are-climbing-alright-but-not-for-the-reason-you-might-think-158776">super-charged demand</a> in the property market.</p> <p>An overheated market will undoubtedly place intense pressure on the rental sector because aspiring first home buyers are forced to rent for longer, as house prices soar at a rate unmatched by their wages.</p> <p>Yet, governments continue to resist calls for winding back the <a href="https://www.abc.net.au/news/2024-02-15/ken-henry-australias-tax-system-in-worse-position-after-15-years/103465044">generous tax concessions</a> enjoyed by multi-property owners.</p> <p>The main help available to low-income private renters - the Commonwealth Rent Assistance scheme - is <a href="https://theconversation.com/1-billion-per-year-or-less-could-halve-rental-housing-stress-146397">poorly targeted</a> with nearly one in five low-income renters who are in rental stress deemed ineligible, while another one in four receive it despite not being in rental stress.</p> <h2>Can affordable housing occur naturally?</h2> <p>Some commentators support the theory of <a href="https://www.ahuri.edu.au/sites/default/files/documents/2022-09/Executive-Summary-FR387-Filtering-as-a-source-of-low-income-housing-in-Australia-conceptualisation-and-testing.pdf">filtering</a> - a market-based process by which the supply of new dwellings in more expensive segments creates additional supply of dwellings for low-income households as high-income earners vacate their former dwellings.</p> <p>Proponents of filtering argue building more housing anywhere - even in wealthier ends of the property market - will eventually improve affordability across the board because lower priced housing will trickle down to the poorest households.</p> <p>However, the persistent affordability crisis low-income households face and the rise in homelessness are crucial signs filtering <a href="https://cloud.3dissue.com/122325/122578/143598/WhyNewSupplyisnotExpandingHousingOptionsfortheHomeless/html5/index.html?page=1&amp;noflash">does not work well</a> and <a href="https://www.ahuri.edu.au/sites/default/files/documents/2022-09/AHURI-Final-Report-387-Filtering-as-a-source-of-low-income-housing-in-Australia-conceptualisation-and-testing.pdf">cannot be relied upon</a> to produce lower cost housing.</p> <h2>Location, location, location</h2> <p>Location does matter, if we expect building new housing to work for low-income individuals.</p> <p>What is needed is a steady increase of affordable, quality housing in areas offering low-income renters the same access to jobs and amenities as higher-income households.</p> <p>The <a href="https://treasury.gov.au/housing-policy/accord#:%7E:text=The%20Accord%20includes%20an%20initial,5%20years%20from%20mid%E2%80%912024.">National Housing Accord</a> aims to deliver 1.2 million new dwellings over five years from mid-2024. But it must ensure these are “well-located” for people who need affordable housing, as suggested in the accord.</p> <p>Recent <a href="https://www.tandfonline.com/doi/full/10.1080/02673037.2023.229051">modelling</a> shows unaffordable housing and poor neighbourhoods both negatively affect mental health, reinforcing the need to provide both affordable and well-located housing.</p> <h2>The upcoming budget</h2> <p>While the <a href="https://www.dss.gov.au/sites/default/files/documents/05_2023/payments-cra_budget_fact_sheet_fa_0.pdf">15% increase</a> in the maximum rent assistance rate was welcomed in the last budget, the program is long overdue for a major restructure to target those in rental stress.</p> <p>Also, tax concessions on second properties should be wound back to reduce competition for those struggling to buy their first home. This would eventually help ease affordability pressures on low-income renters as more higher-income renters <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/1467-8454.12335">shift into homeownership</a>.</p> <p>The potential negative impacts on rental supply can be mitigated by careful design of tax and other changes that guard against market destabilisation concerns.</p> <p>Overall, housing affordability solutions have to be multi-faceted. The housing system is badly broken and meaningful repair cannot be achieved unless policymakers are willing to confront both supply and demand challenges.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/228511/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/rachel-ong-viforj-113482">Rachel Ong ViforJ</a>, ARC Future Fellow &amp; Professor of Economics, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/our-housing-system-is-broken-and-the-poorest-australians-are-being-hardest-hit-228511">original article</a>.</em></p> </div>

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Family of eight forced to live in tent amid rental crisis

<p>A family of eight have been forced to live in a tent for over six months as they wait to find suitable accommodation after their last rental lease ended. </p> <p>Cameron and Tameka Fletcher and their six children, aged between one and 10, have been living in a tent and have had to move from campsite to campsite since September. </p> <p>The couple claimed that the government can't support them because they have "too many children", and are waiting for public housing, but they might not meet the criteria to be eligible for it. </p> <p>They were reportedly staying in a makeshift tent city in a suburban park north of Brisbane.</p> <p>"We've always had a house, we've never done this," Cameron Fletcher told <em>Nine News</em>. </p> <p>"Everyone here is going through the same thing. But it's the only way to get help."</p> <p>“We can only do what’s best for our kids, to keep a roof over their heads,” his wife added. </p> <p>One of the couple's daughters is due to start school next year, and they have been struggling to enrol her as the family doesn't have a permanent address. </p> <p>The family said they are also struggling with day-to-day activities like finding breakfast, washing their clothes and getting the kids ready for school, and are using solar camping showers purchased from Kmart to clean themselves.</p> <p>According to <em>Nine News</em>, the family would be happy with a three-bedroom home but were told by state housing officials that they can only be offered a five-bedroom home to avoid overcrowding, but there are currently none available. </p> <p>In a statement issued to <em>Yahoo News</em>, a spokesperson for Department of Housing said it “has been working with the family since September last year, including providing accommodation which they chose to leave”.</p> <p>"As we’ve been assisting them to find longer-term options, they have declined further offers of accommodation," the spokesperson said.</p> <p>"With regards to social housing, there are eligibility factors that need to be met, including income thresholds. However, the department continues to work with the family to find a private rental and give any other support they might need."</p> <p>This comes as new <a href="https://www.news.com.au/finance/real-estate/rent-shock-what-youll-be-paying-in-every-australian-suburb-in-2024/news-story/10b67da9ebe170a2e2d37caa7e66bf40" target="_blank" rel="noopener">PropTrack</a> data, released in March, revealed that rent has increased by 17 per cent over the past 12 months, across all the capital cities in Australia. </p> <p>More than half of Queenslanders who have applied for social housing are reportedly homeless and have had to wait for over two years amid a lack of supply and increased demands.</p> <p>Earlier this year, the Queensland government announced it was aiming to build another 53,500 social homes by 2046, with a $3.1 billion funding boost to deliver one million homes. </p> <p><em>Images: Nine News</em></p>

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World's most expensive house up for sale

<p>A French chateau, once owned by a member of the Rothschild family and, later on, the King of Morocco, has gone up for sale with a £363 million (AU$699) price tag. </p> <p>Chateau d’Armainvilliers located at Seine-et-Marne, 48km east of the Eiffel Tower, is the world's most expensive home. </p> <p>Built upon the foundations of a 12th century castle, the sprawling mansion boasts 1,000 hectares of land, 100 rooms across 2,500 square metres of living space, a private lake, and plenty of sequoia trees - the largest trees in the world. </p> <p>Ignace Meuwissen, a self-acclaimed "real estate advisor to the global elite" described the property as a display of "opulence and grandeur".</p> <p>"It is the most expensive castle in France and perhaps in the world. The price of €425million is justified by the property itself but also by the 1,000 hectare land which offers numerous possibilities," he told Paris Match magazine. </p> <p>"An investor could build thousands of apartments there if he wanted."</p> <p>The chateau was first bought by the Rothschild banking empird in the late 19th century, before King Hassan II of Morocco bought it in the 1980s. </p> <p>He then made the chateau more fit for a king, adding a hammam spa, a beauty and hairdressing salon, and a fully-equipped medical and dental facility.</p> <p>The Moroccan King  also added a basement level, which has a network of tunnels, kitchens, cold rooms, storage spaces and staff quarters.</p> <p>The lucky owner will also find Moroccan mosaics and wall tiles decorating the home, and for any avid equestrians, the home also has a stable big enough for 50 horses. </p> <p>However, some luxury property agents have expressed their doubts on whether the property would sell with its nine-figure sum, with one saying it was an "unrealistic" price tag. </p> <p>"It doesn’t make sense, it’s absurd Properties of this type could sell for 20-25 million, or even 30 million if we really fall in love with them. I’m not even sure that Vaux-le-Vicomte (a Baroque French château), which has no marketing plans, would sell at this price," one agent told French real estate publication <em>Le Figaro Immobilier</em>.</p> <p>Others were unsure whether the changes made by the King in the 1980s would suit modern tastes. </p> <p><em>Images: Whisper Auctions</em></p>

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If you squat in a vacant property, does the law give you the house for free? Well, sort of

<p><em><a href="https://theconversation.com/profiles/cathy-sherry-466">Cathy Sherry</a>, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a></em></p> <p>Nothing excites law students like the idea of a free house. Or alternatively, enrages them. It depends on their politics. As a result, academics condemned to teaching property law find it hard to resist the “<a href="https://classic.austlii.edu.au/au/journals/MelbULawRw/2011/28.html">doctrine of adverse possession</a>”. The fact that a person can change the locks on someone else’s house, wait 12 years, and claim it as their own, makes students light up in a way that the Strata Schemes Management Act never will.</p> <p>The idea of “squatters’ rights” has received a lot of media attention recently amid the grim reality of the Australian housing market. It fuels commentators such as Jordan van den Berg, who <a href="https://www.instagram.com/purplepingers/">critiques bad landlords</a> on social media. Casting back to his days as a law student, <a href="https://www.sbs.com.au/news/the-feed/article/jordan-was-fed-up-with-australias-empty-houses-his-proposal-has-led-to-death-threats/stx6rv6fl">he’s promoting</a> the doctrine of adverse possession as a way of making use of vacant properties.</p> <p>As interesting as the doctrine is, it has little relevance in modern Australia. While it is necessary to limit the time someone has to bring legal proceedings to recover land – typically 12 or 15 years, depending on which state you’re in – most people don’t need that long to notice someone else is living in their house. If a family member is occupying a home that someone else has inherited or a tenant refuses to vacate at the end of a lease, owners tend to bring actions to recover their land pronto.</p> <p>So where did this doctrine come from, and what has it meant in practice?</p> <h2>Free house fetching millions</h2> <p>In unusual circumstances, people can lose track of their own land.</p> <p>Just before the second world war, Henry Downie moved out of his house in the Sydney suburb of Ashbury. Downie died a decade later, but his will was never administered. At the time of his death, a Mrs Grimes rented the house and did so for a further 50 years. Downie’s next of kin did not realise they had inherited the house or that they were Grimes’s landlord.</p> <p>Grimes died in 1998 and Bill Gertos, a property developer, saw the house was vacant. He changed the locks, did some repairs, then leased the house and paid the rates for the next 17 years. He then made an application under <a href="https://classic.austlii.edu.au/au/legis/nsw/consol_act/rpa1900178/s45d.html">NSW property laws</a> to become the registered proprietor. At this point, Downie’s next of kin became aware they may have been entitled to the property and disputed Gertos’s claim.</p> <p>The <a href="https://www8.austlii.edu.au/cgi-bin/viewdoc/au/cases/nsw/NSWSC/2018/1629.html">court held</a> Gertos had been “in possession” of the property since the late 1990s. The next of kin had a legal right to eject him, but they had failed to do so within the statutory time limit of 12 years. Gertos had the best claim to the house. He <a href="https://www.domain.com.au/6-malleny-street-ashbury-nsw-2193-2015821514">promptly sold it</a> for A$1.4 million.</p> <p>Outrageous as this may seem, the law encourages caring for land. If you fail to take responsibility for your land, and someone else does, you can lose it.</p> <h2>An old English tradition</h2> <p>Gertos’s jackpot was unusual, and adverse possession has always been more relevant in a country like England.</p> <p>First, for much of English history, many people did not have documentary title (deeds) to their land. People were illiterate, parchment was expensive, and documents could disappear in a puff of smoke in a house fire. The law often had to rely on people’s physical possession of land as proof of ownership.</p> <p>Second, as a result of feudalism, vast swathes of England were owned by the aristocracy. They and their 20th-century successors in title, often local councils, had a habit of forgetting they owned five suburbs in London.</p> <p>In the post second world war housing crisis, thousands of families, and later young people and students, <a href="https://www.bbc.co.uk/sounds/play/b017cfv4">squatted in vacant houses</a> owned by public and private landlords who lacked the means or motivation to maintain them.</p> <h2>A sign of the times</h2> <p>In contrast, in Australia, for most of our settler history, governments of all political persuasions actively prevented the emergence of a landed class.</p> <p>But now, courtesy of tax policies that <a href="https://www.quarterlyessay.com.au/essay/2023/11/the-great-divide">encourage investment</a> in residential real estate, we have a landlord class of Baby Boomer and Gen X investors. That has caused housing market stress as younger people cannot make the natural transition from being renters to homeowners. They are outbid by older, wealthier buyers whose tax benefits from negative gearing increase with every dollar they borrow to buy an investment property.</p> <p>Money flowing into the market then means that landlords’ greatest benefit is capital gain rather than income, and thanks to John Howard, investors pay <a href="https://theconversation.com/stranger-than-fiction-who-labors-capital-gains-tax-changes-will-really-hurt-109657">no tax</a> on half of that gain.</p> <p>Finally, an almost exclusive reliance by government on the <a href="https://australiainstitute.org.au/post/for-more-affordable-housing-we-need-more-public-housing/">private sector</a> to provide new homes – which it will only do if it is making a profit – has left many people in deep housing stress.</p> <p>While squatters in Australia are likely to find themselves swiftly subject to court orders for ejection, van den Berg’s rallying cry indicates just how inequitable the housing market has become. Baby Boomers and Gen X should be on notice – young people want their housing back. <!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/227556/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/cathy-sherry-466"><em>Cathy Sherry</em></a><em>, Professor in Law, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/if-you-squat-in-a-vacant-property-does-the-law-give-you-the-house-for-free-well-sort-of-227556">original article</a>.</em></p>

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"Out-of-touch" Project stars slammed over clash with renter advocate

<p>Social media users have slammed <em>The Project </em>hosts,  following their recent interview with a renter advocate who encourages Aussies struggling with the housing crisis to squat in empty homes. </p> <p>Jordan van den Berg,  founder of the S*** Rentals website shared a video over the weekend outside a rundown house in Chadstone, Melbourne, saying: “Are you sick of rich people hoarding empty houses during a housing crisis? I know I am." </p> <p>“Here’s how you can do something about it.” </p> <p>He then encouraged people to submit information on empty homes in their suburbs via a form on his website, which he plans to promote on his socials so those struggling to find a home could squat in them. </p> <p>“Fun fact – squatting in Australia is not necessarily illegal, which is the best type of legal, especially if the front door doesn’t actually lock," he said. </p> <p>On Monday, he appeared on The Project to talk about his controversial plans, and was grilled by the show's hosts. </p> <p>“I know we’re in a pretty serious housing crisis, but do you really think encouraging people to squat in private properties is the way to fix it?" asked co-host Sarah Harris. </p> <p> “Let me answer your question by asking you a question. Do you think it’s right we have thousands of vacant, abandoned homes while we have people living on the street?” van de Berg replied. </p> <p>Harris said she didn’t and asked whether the solving the housing crisis should be focused on policy instead.</p> <p>Later in the interview, panellist Steve Price casted his doubts on whether there actually were a lot of vacant homes, but van de Berg replied that he'd received over 300 submissions from Aussies about empty homes in their suburbs. </p> <p>van de Berg also said that desperate people are even squatting in abandoned properties, and added: “If someone needs a house, they can reach out to me and I’ll send them [details about] an empty home."</p> <p>Harris was shocked that people would “basically camp out in abandoned houses with no power" which van den Berg argued that “camping out inside” was likely better than sleeping on the streets or in a park.</p> <p>Co-host Waleed Aly then asked whether van de Berg  was encouraging people to break the law, but he pointed out that squatting – done properly – isn’t technically illegal.</p> <p>The interview has been slammed on social media, with Writer and comedian John Delmenico posting on X: “Watching the rich out-of-touch panel on the Project realise in real time that not everyone is rich is so bizarre.</p> <p>"Especially the part where Pingers has to explain that being in a house is safer than sleeping on the street. How do they host the news with no connection to reality?”</p> <p>Others agreed mocking the panellists’ shock that “shelter without electricity is better than no shelter with no electricity”.</p> <p>“She was laughing at the fact that ppl would camp out in abandoned houses with no power/water, until he put her in her place by reminding her they’re better off camping under shelter than outside. Mic drop moment," one wrote. </p> <p>“Homelessness exists … it’s quite a big problem actually," another added. </p> <p>However, a few others agreed with the <em>Project</em> hosts. </p> <p>“Encouraging people to squat, who does he think he is?" one wrote. </p> <p>“He thinks he’s doing a good thing, but he’s given absolutely no critical thought to the implications of encouraging people to take over ‘empty homes’," another added. </p> <p>Leo Patterson Ross, chief executive of the Tenants Union of NSW, said that van den Berg was “drawing attention to issues that government should be acting on”.</p> <p>“In the middle of a housing crisis with growing levels of homelessness, we should be looking to ensure homes are not left vacant,” Patterson Ross said.</p> <p>“If a person leaves a property unattended and empty for 12 years, then I think many of us would agree it seems fair that the community can reclaim usage to provide a home, whether that be individuals or government.”</p> <p><em>Image: The Project</em></p>

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Stay or go? Most older Australians want to retire where they are, but renters don’t always get a choice

<p><em><a href="https://theconversation.com/profiles/christopher-phelps-378137">Christopher Phelps</a>, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>; <a href="https://theconversation.com/profiles/rachel-ong-viforj-113482">Rachel Ong ViforJ</a>, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>, and <a href="https://theconversation.com/profiles/william-clark-1488932">William Clark</a>, <a href="https://theconversation.com/institutions/university-of-california-los-angeles-1301">University of California, Los Angeles</a></em></p> <p>As Australia’s population gets older, more people are confronted with a choice: retire where they are or seek new horizons elsewhere.</p> <p>Choosing to grow old in your existing home or neighbourhood is known as “ageing in place”. It enables older people to stay connected to their community and maintain familiarity with their surroundings.</p> <p>For many, the decision to “age in place” will be tied to their connection to the family home. But for many, secure and affordable housing is increasingly <a href="https://theconversation.com/ageing-in-a-housing-crisis-growing-numbers-of-older-australians-are-facing-a-bleak-future-209237">beyond reach</a>. This choice may then be impeded by a lack of suitable accommodation in their current or desired neighbourhoods.</p> <p>Our recently published <a href="https://doi.org/10.1177/01640275231209683">study</a> asks what motivates older homeowners and renters to age in place or relocate, and what factors disrupt these preferences. It suggests older renters are often not given a fair choice.</p> <h2>Most older Australians want to age in place</h2> <p>Having the option to age in place enables older people to retain autonomy over their lifestyles and identity, promoting emotional wellbeing.</p> <p>Using 20 years of data from the government-funded Household, Income and Labour Dynamics in Australia (HILDA) survey, we tracked the preferences of Australians aged 55 and over.</p> <p>Encouragingly, most older Australians are already where they want to be.</p> <p>Two-thirds (67%) of respondents strongly preferred to stay in their current neighbourhood, and an additional one-fifth (19%) had a moderate preference to stay.</p> <p>Only 6% showed a moderate or strong desire to leave. Ageing in place is then the natural choice for a vast majority of older Australians.</p> <p><iframe id="s3LTM" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/s3LTM/1/" width="100%" height="400px" frameborder="0"></iframe></p> <p>Our study highlights several motivations for people to stay put as they retire.</p> <p>For homeowners, family ties matter. Owners with children residing nearby were around one and a half times more likely to have a higher preference to stay.</p> <p>Older owners might then have a reason to call on their substantial <a href="https://theconversation.com/the-housing-wealth-gap-between-older-and-younger-australians-has-widened-alarmingly-in-the-past-30-years-heres-why-197027">housing wealth</a> and keep their children nearby via the <a href="https://360info.org/how-to-help-the-young-buy-a-home/">“bank of mum and dad”</a>.</p> <p>For renters, how long they stay is important. Those renting their home for 10 years or more were 1.7 times more likely to have a higher preference to stay than short-term renters.</p> <h2>Renters face the most disruption</h2> <p>The survey enabled us to follow where older people lived a year after they provided their preferences. This helped us gauge how often they turned their desires into reality.</p> <p>The chart below indicates that private renters face greater obstacles to ageing in place.</p> <p>Around one in 10 private renters that desired to age in place were disrupted – they wanted to stay in their neighbourhood but didn’t. This suggests they moved out of their neighbourhood involuntarily.</p> <p>Only 2% of homeowners and social renters experienced the same disruption. However, for those in these tenures that did not desire to age in place, involuntary immobility was a greater concern. Only 15% of those that wanted to leave succeeded, leaving the vast majority “stuck in place”.</p> <p><iframe id="IlliV" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/IlliV/1/" width="100%" height="400px" frameborder="0"></iframe></p> <p>The private rental market is the least secure of tenures, and so private tenants are often exposed to involuntary moves. Australia’s private rental system is lightly regulated compared to many other countries, creating tenure insecurity concerns.</p> <p>On the other hand, social renters were particularly susceptible to involuntary immobility. Social housing is scarce in Australia and subject to <a href="https://theconversation.com/its-soul-destroying-how-people-on-a-housing-wait-list-of-175-000-describe-their-years-of-waiting-210705">lengthy waiting lists</a>. A neighbourhood move often requires transferring to the less affordable and less secure private rental housing.</p> <p>Even after considering financial status, social renters were four times as likely to be stuck as compared to private renters. Social tenants are strongly deterred from moving in the current system.</p> <h2>How can we support older Australians’ preferences?</h2> <p>Our study exposes some barriers in the housing system that hinder people from being able to age in place, or move when they want to. Clearly, older renters enjoy fewer protections against disruptions to their preferences to age in place than older owners.</p> <p>For private renters, tenure insecurity in the <a href="https://theconversation.com/insecure-renting-ages-you-faster-than-owning-a-home-unemployment-or-obesity-better-housing-policy-can-change-this-216364">private rental sector</a> is a key reform priority. This can be achieved through stronger regulation that improves tenants’ rights. For example, more states could adopt <a href="https://theconversation.com/how-5-key-tenancy-reforms-are-affecting-renters-and-landlords-around-australia-187779?utm_source=twitter&amp;utm_medium=bylinetwitterbutton">recent regulatory rental reforms</a> that support the rights of pet owners and protect against no-grounds evictions.</p> <p>Large numbers of older private renters also face severe <a href="https://www.oldertenants.org.au/publications/ageing-in-a-housing-crisis-older-peoples-housing-insecurity-homelessness-in-australia">rental stress</a>, which may force them to move from their preferred neighbourhood. <a href="https://theconversation.com/1-billion-per-year-or-less-could-halve-rental-housing-stress-146397">Commonwealth rent assistance reform</a> would alleviate some of this stress through an increase in rates and better targeting.</p> <p>An increase in the supply of social housing would play an important role in improving both tenure security and housing affordability. Older social renters enjoy fewer obstacles to ageing in place than older private renters.</p> <p>However, if social renters want to move into the private rental market to relocate, they face difficulty securing accommodation. This will likely discourage moves as it would require sacrificing the tenure security offered by social housing. However, policy initiatives that improve the <a href="https://www.ahuri.edu.au/sites/default/files/migration/documents/PES-358-Lessons-from-public-housing-urban-renewal-evaluation.pdf">quality of the public housing stock</a> can reduce feelings of being stuck.</p> <p>As <a href="https://www.aihw.gov.au/reports/australias-welfare/home-ownership-and-housing-tenure">homeownership rates decline</a> both among young people and those nearing retirement, we can expect the population of older renters to grow.</p> <p>Overall, our findings support a strong case for policy reform in the rental sectors to address the needs and preferences of older renters.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/218024/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/christopher-phelps-378137"><em>Christopher Phelps</em></a><em>, Research Fellow, School of Accounting, Economics and Finance, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>; <a href="https://theconversation.com/profiles/rachel-ong-viforj-113482">Rachel Ong ViforJ</a>, ARC Future Fellow &amp; Professor of Economics, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>, and <a href="https://theconversation.com/profiles/william-clark-1488932">William Clark</a>, Research Professor of Geography, <a href="https://theconversation.com/institutions/university-of-california-los-angeles-1301">University of California, Los Angeles</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/stay-or-go-most-older-australians-want-to-retire-where-they-are-but-renters-dont-always-get-a-choice-218024">original article</a>.</em></p>

Retirement Income

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Australia's oldest person bids farewell to iconic beach house

<p>In a heartwarming tale that speaks to the enduring love for cherished places and the passing of generational torches, Marija Ruljancich, Australia's oldest person, has bid farewell to her beloved holiday retreat.</p> <p>The Sorrento pile, nestled on Victoria’s Mornington Peninsula, has found new hands, marking the end of an era and the dawn of a promising new chapter.</p> <p>Marija, who reached the remarkable milestone of 110 years in 2023, has been the guardian of this beachside haven for countless years. With its origins tracing back to 1960, when it was designed by the esteemed architect Daryl Jackson AO for local businessman Robert Riley, the house has stood as a testament to timeless design and cherished memories.</p> <p>The sale of this iconic property has not only captured the attention of locals but also stirred the hearts of many across the nation. Despite its undisclosed transaction sum, it's understood that the sale falls within the property's estimated range, a fitting exchange for a home steeped in history and affection.</p> <p>What truly warms the soul is the buyer's commitment to honouring the legacy of Riley House. With plans to restore the dwelling to its original glory, there's a palpable sense of joy and relief within Marija's family. The Melbourne-based buyer, driven by a passion for preserving architectural heritage, sees beyond the bricks and mortar; they envision a continuation of the house's story, enriched by their own memories and experiences.</p> <p>As Liz Jensen of Kay & Burton Portsea recounts the emotional journey of the sale, it's evident that this isn't merely a transaction; it's a celebration of life, love, and the power of preservation. </p> <p>"Congratulations to Australia’s oldest living person," Liz wrote on Instagram, "as today she successfully sells her long-held and much loved Sorrento mid century beachside family holiday home designed by Architect Daryl Jackson AO."</p> <p>The buyer's dedication to retaining even the smallest details, such as the built-in speaker nestled within the dining room cupboard, speaks volumes about their reverence for the past and their vision for the future.</p> <p>Amid whispers of demolishing the home, the decision to uphold its structure stands as a testament to the enduring spirit of community and connection. For those who walked through its halls during inspections, the house isn't just a property; it's a repository of memories, a canvas upon which stories of old Sorrento are painted with every creaking floorboard and whispering breeze.</p> <p>For Marija and her family, and for all those who have been touched by its charm, the legacy lives on – a timeless reminder of the beauty found in preserving the past while embracing the promise of tomorrow.</p> <p><em>Images: Instagram | </em><em>Kay & Burton Portsea</em></p>

Real Estate

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Millions of Aussies set for power bill relief

<p>Millions of Aussies are set for some financial relief, with electricity costs set to drop by up to 7 per cent in the coming months. </p> <p>The Australian Energy Regulator (AER) and Victoria's Essential Services Commission (ESC) both released their draft default market offers - the maximum energy retailers are allowed to charge customers - for the 2024-25 financial year. </p> <p>Under the AER draft, residents in Sydney, Newcastle and the Hunter on the default offer will pay between 3 and 3.4 per cent less for electricity starting from July 1. </p> <p>The biggest drop is set for Victoria, with the ESC proposing a 6.4 per cent decrease. </p> <p>Those in Western Sydney, the Illawarra, and South Coast, will see their electricity bills decrease by 1.9 to 7.1 per cent. </p> <p>South Australians will receive a drop between 0.5 and 2.5 per cent. </p> <p>A number of small business customers will also benefit from lower power bill costs with 9.7 per cent for Sydney, Newcastle and the Hunter; 4.4 per cent for Western Sydney and the South Coast; 0.3 per cent for South-East Queensland; 8.2 per cent for South Australia; and 7 per cent for Victoria.</p> <p>Energy Minister Chris Bowen welcomed the news of lower power bill costs, but acknowledged that it will continue to play a part in the cost of living challenges faced by many Australians. </p> <p>"This is encouraging news," he said.</p> <p>"Encouraging for those small businesses and families who will receive lower energy bills as a result.</p> <p>"But nobody should suggest that there aren't real cost of living pressures around the world and in Australia, and energy prices are of course part of that and will continue to be."</p> <p>Not everyone will see a drop, with customers in the rest of regional NSW to get a small increase of 0.9 per cent, while the default offer for South East Queensland will increase by up to 2.7 per cent.</p> <p>While not all households are on the default offer, Bowen said that the AER's decision will also affect those not on the offer. </p> <p>"This either impacts directly or indirectly your energy bill," he said.</p> <p>"Directly for those on the default market offer. For those who aren't on the direct market offer, indirectly - the energy companies have to benchmark themselves against this, tell their consumers how they compare to this, and it provides very real pressure on them to match it.</p> <p>"If they don't, consumers will know about it and will make choices accordingly.</p> <p>"It's partly about those on the default market offer, but it actually impacts on all our bills indirectly."</p> <p>AER chair Clare Savage said that the cost of living crisis was the main contributor for their draft decision. </p> <p>"We know that economic conditions have put pressure on many Australians and the increases in electricity prices over the last two years has made energy less affordable for many households," she said. </p> <p>"In light of this, the AER has, in this decision, placed increased weight on protecting consumers." </p> <p>The draft decision is not final, with both the AER and ESC to receive consultation and feedback from stakeholders before confirming their default market offers in May.</p> <p><em>Image: Getty</em></p>

Money & Banking

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Elevating tradition: La Traviata at the Sydney Opera House

<p>Opera Australia is set to enchant audiences as it opens its highly anticipated 2024 season with the Sydney premiere of Sarah Giles’ acclaimed production of Verdi’s timeless masterpiece, <em>La Traviata</em>. The curtains will rise on January 2nd at the iconic Joan Sutherland Theatre in the Sydney Opera House, promising an unforgettable journey into the world of love, sacrifice and redemption.</p> <p>Hailed as "an absolute triumph" by <em>The AU Review</em> and described as "audaciously new" by <em>InReview</em>, this co-production by Opera Queensland, State Opera South Australia and West Australian Opera promises to deliver the quintessential glamour of <em>La Traviata</em> while offering a fresh, female perspective. Director Sarah Giles skilfully brings the inner turmoil of Violetta to the forefront, shedding light on the harsh realities and heartaches of her life as a courtesan.</p> <p>Enhancing the narrative, Charles Davis' masterful set design delves into Violetta's public and private spheres, while his costumes brilliantly capture the opulent world of lavish parties and extravagance synonymous with <em>La Traviata</em>.</p> <p>For the first time, the award-winning conductor Jessica Cottis will take the baton, leading the Opera Australia Orchestra and the celebrated Opera Australia Chorus through Verdi's emotionally stirring score. Audiences can anticipate spine-tingling renditions of iconic pieces such as the lively "Brindisi" and the achingly beautiful "Sempre libera".</p> <p>Taking centre stage as Violetta, Australian soprano Samantha Clarke, fresh from a string of successful debuts in prestigious venues worldwide, including Carnegie Hall and the Sydney Symphony Orchestra, is set to mesmerise audiences with her poignant portrayal. Joining her are the talented Australian-Chinese tenor Kang Wang, reprising the role of Alfredo, and New Zealand baritone Phillip Rhodes, making his Opera Australia debut as Giorgio Germont.</p> <p>As the season progresses, rising Australian soprano Sophie Salvesani will step into the shoes of Violetta, a role she previously captivated audiences with in 2022. Alongside her, Australian tenor Tomas Dalton returns as Alfredo, while baritone Luke Gabbedy, fresh from his acclaimed performance in OA's five-star production of the <em>Ring Cycle</em> in Brisbane, graces the stage as Giorgio Germont.</p> <p>Prepare to be swept away by the passion, drama, and timeless melodies of <em>La Traviata</em>, as Opera Australia invites you to experience this unforgettable journey of love and sacrifice, reimagined for a new era.</p> <p>Don't miss your chance to witness this exquisite production at the Sydney Opera House, from January 2nd to March 16th, 2024. For more information, <a href="https://www.sydneyoperahouse.com/opera-australia/2024-season/la-traviata" target="_blank" rel="noopener">click here</a>.</p>

Art

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What is negative gearing and what is it doing to housing affordability?

<p><em><a href="https://theconversation.com/profiles/michelle-cull-340911">Michelle Cull</a>, <a href="https://theconversation.com/institutions/western-sydney-university-1092">Western Sydney University</a></em></p> <p>Australia’s housing crisis is putting the <a href="https://www.mortgagechoice.com.au/guides/what-is-the-great-australian-dream/">Australian dream</a> to own one’s home out of reach for many.</p> <p>But it’s not just <a href="https://www.aihw.gov.au/reports/australias-welfare/home-ownership-and-housing-tenure">home ownership</a> that has been affected. Rental affordability has also become a serious issue. This has reignited the debate about negative gearing; whether or not it is fair and whether it holds the key to fixing the housing crisis.</p> <h2>What is negative gearing?</h2> <p><a href="https://treasury.gov.au/review/tax-white-paper/negative-gearing">Negative gearing</a> refers to using borrowed money to invest in an asset so it results in a loss which can be claimed as a tax deduction against other income. For example, a property investment is negatively geared if the net rental income received is lower than the mortgage interest. The loss is then offset against other income, such as wages and salaries, which reduces the amount of income tax payable.</p> <p>Negative gearing is commonly used for property investments but also applies to other investments (such as shares). Investments can also be positively geared when net income from the investment is more than the interest on borrowings.</p> <p>The attractiveness of negative gearing in Australia is mainly due to its ability to reduce the amount of income tax. For this reason, it can be more beneficial to individuals who are on higher marginal tax rates. However, capital gains tax must be paid on any gain when the asset is sold.</p> <h2>How does negative gearing work?</h2> <p>Let’s look at a simple example of negative gearing. Say an investment property was rented to tenants at A$500 a week ($26,000 a year), and associated expenses (such as agent fees, rates, mortgage interest, maintenance) were $40,000 for the year. This leaves a shortfall of $14,000.</p> <p>The property owner can deduct the $14,000 from their taxable income to reduce their liability. For example if they received $100,000 from wages, they would pay tax on only $86,000 (saving $4,550 in income tax). Individuals on higher incomes and therefore higher marginal tax rates would receive larger tax deductions (for example, someone earning over $180,001 would pay $6,300 less tax).</p> <p>While negative gearing an investment property can reduce tax while it is being rented, it can also result in a large <a href="https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/what-is-capital-gains-tax">capital gains tax</a> bill once the property is sold (even though capital gains tax is halved for assets held for more than 12 months).</p> <p>For example, if the cost base for a property purchased ten years ago was $400,000 and it sells for $900,000 today, capital gains tax would be calculated on half of the $500,000 difference. At a marginal rate of 45%, the tax bill would be $112,500.</p> <h2>How widespread is it in Australia?</h2> <p>According to the <a href="https://data.gov.au/data/dataset/taxation-statistics-2020-21">Australian Taxation Office</a>, about 2.25 million individual tax payers (21% of all individual tax payers) claimed deductions against rental income for a total 3.25 million properties in 2020-21 financial year.</p> <p>Of these, 47% negatively geared their properties, claiming a net rental loss. This is equivalent to just less than 10% of all taxpayers. Investors with fewer properties were more likely to be using negative gearing with over 71% of property investors having only one investment property.</p> <hr /> <p><iframe id="Wv9lV" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/Wv9lV/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>The largest group of property investors (524,220) had one investment property and a total annual taxable income between $50,001 and $100,000. The chart above shows the proportion of property investors by age group.</p> <p>From 2016-2017 to 2020-2021, the total net rental income on property investments in Australia went from a loss of $3.3 billion to a gain of $3.1 billion (as you can see from the chart below).</p> <p>For the same period, the proportion of investors negatively gearing their properties dropped from 58% to 47%, as lower interest rates reduced losses.</p> <hr /> <p><iframe id="fXnoe" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/fXnoe/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>Negative gearing is also becoming less attractive with the government’s recent changes to <a href="https://treasury.gov.au/tax-cuts">tax brackets and marginal tax rates</a>. According to a study conducted by <a href="https://www.pexa.com.au/staticly-media/2023/03/Whitepaper-2-Private-renting-in-Australia-a-broken-system_compressed-sm-1679450145.pdf">LongView and PEXA</a>, 60% of property investors would be financially better off if they instead put their money into a superannuation fund.</p> <h2>When was it introduced?</h2> <p>Negative gearing has been allowed under tax laws since 1936. It was thought it would encourage investment in housing and increase supply.</p> <p>However, debate around its impact on housing affordability led the government to partially abolish it in 1985 by not allowing rental property losses to reduce tax on other sources of income.</p> <p>There was a shortage of housing and rents rose during the two years it was abolished. As a result, in 1987, negative gearing was reinstated and capital gains tax legislation was introduced.</p> <h2>Is it used in other countries?</h2> <p>Canada, Germany, Japan and Norway use negative gearing. In Finland, France and the United States, rental losses can offset future rental income only. In the US, <a href="https://www.irs.gov/publications/p936#en_US_2023_publink1000229891">home owners are entitled</a> to claim a tax deduction for mortgage interest on their own home.</p> <p>The use and benefit of negative gearing depends upon all aspects of a country’s tax system. So although it may be attractive in countries with high marginal tax rates, other taxes such as capital gains tax, land tax and stamp duties may reduce its appeal.</p> <h2>Negative gearing’s impact on housing affordability</h2> <p>Many factors affect the cost of housing, including interest rates, inflation, employment, the overall taxation system and population growth, making housing affordability a complex issue.</p> <p><a href="https://www.smh.com.au/politics/federal/nz-kills-tax-loophole-on-property-to-slow-soaring-house-prices-20210323-p57d9s.html">In New Zealand, negative gearing is being phased out</a> due to its impact on housing prices.</p> <p>However, unlike Australia, New Zealand does not have capital gains tax, making negative gearing more popular and more likely to impact housing prices. In addition to phasing out negative gearing, the New Zealand government <a href="https://www.hud.govt.nz/our-work/public-housing-plan/">increased the supply of public housing</a> and <a href="https://www.abc.net.au/news/2023-09-25/nz-auckland-house-supply-experiment-results-in-dramatic-change/102846126">relaxed zoning regulations</a> to provide more affordable housing.</p> <p>In Australia, however, there are concerns abolishing negative gearing will cause rents to rise, as they did in the 1980s. More innovative approaches to housing affordability are needed to ensure ample supply of property for first home buyers and tenants.</p> <p>Some consideration could be given to allowing first home buyers to claim a tax deduction for mortgage interest, increasing capital gains tax, limiting the number or type of investment properties held, capping rent increases, or more infrastructure investment from the government for first home buyers and social housing.</p> <p>One or more of these measures would be a step in the right direction. Negative gearing on its own is not the answer to housing affordability. The whole system needs an overhaul, with a combination of measures needed to adequately address affordability, for now and for future generations.</p> <p>Taking no action will put home ownership out of reach for even more Australians.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/223823/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/michelle-cull-340911"><em>Michelle Cull</em></a><em>, Associate professor, <a href="https://theconversation.com/institutions/western-sydney-university-1092">Western Sydney University</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-is-negative-gearing-and-what-is-it-doing-to-housing-affordability-223823">original article</a>.</em></p>

Money & Banking

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Restaurant sparks outrage for "ridiculous" fee

<p>As inflation rates continue to rise it is not surprising that restaurants are charging extra fees, but one disgruntled customer was particularly shocked to see this "ridiculous" fee on their bill. </p> <p>The customer, who dined at restaurant and cocktail bar in Georgia, USA shamed the restaurant for charging their customers a $20 fee for “live band entertainment”.</p> <p>They shared their complaints on Reddit with a copy of their receipt and an unexpected fee at the bottom which read: “Two Live Band Entertainment Fee — $20”.</p> <p>Most people in the comments were equally annoyed and called the fee "ridiculous". </p> <p>“This is one of those leave money on the table, hand the waiter a tip and leave, sorry but if I didn’t order it, I’m not paying for it,” one wrote. </p> <p>“Great way to not have repeat customers,” said another.</p> <p>“This will backfire for them, just be honest and upfront," a third added. </p> <p>Other commenters were less sympathetic and did not understand why the customer was complaining when it looked like they could afford it. </p> <p>“When you’re paying seven dollars for a bottle of water, you really don’t get to complain about ‘unexpected costs.’ You knew what you signed up for," one commenter wrote. </p> <p>“Imagine a live band getting paid, huh,” another added. </p> <p>“They’re buying $7 bottles of water, they can probably afford it,” added a third.</p> <p><em>Image: Getty/ Reddit</em></p> <p> </p>

Money & Banking

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Major claim in investigation into deadly house fire that killed five children

<p>The grandmother of five children who died alongside their father in a tragic house fire has spoken out, claiming her daughter had "begged" their landlord to fix the smoke alarms in the house.</p> <p>In August last year, Wayne Godinet, 34, died along with his four-year-old twins Kyza and Koa, his three-year-old son Nicky, and his stepsons Zack, 11, and Harry, 10, in a <a href="https://oversixty.com.au/news/news/6-beautiful-souls-family-break-silence-after-tragic-house-fire" target="_blank" rel="noopener">horrific blaze</a> in Queensland's Russell Island. </p> <p>Mr Godinet and his sons became trapped upstairs of the two storey home after he raced back into the house to save them, while the children's mother, Samantha Stephenson, 28, and her sister were able to escape the fire.</p> <p>On Wednesday, the owner of the rental property, 61-year-old Donna Rose Beadel, was charged by police over her alleged involvement in the tragedy.</p> <p>The family has spoken out in anger, with the grandmother of the five boys, Rebecca Stephenson, claiming that her daughter had spoken to the landlord about updating the smoke alarms in the property just one week before the fire. </p> <p>Ms Stephenson told the Courier Mail, “The week before it happened, Sam texted the landlady and asked for the smoke alarms to be updated.”</p> <p>She claims she knew of at least three times her daughter had asked for the smoke alarms to be fixed.</p> <p>“It was the first thing you noticed when you walked into the house, a smoke alarm hanging from the ceiling and then a marking of one in the kitchen that had been painted over,” she added.</p> <p>Police allege that Ms Beadel's property did not have compliant smoke alarms when the fire broke out, with police further alleging that she wasn’t present when the fire occurred.</p> <p><em>Image credits: Facebook</em></p>

Legal

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How baby boomers are benefiting from Australia's "worst financial mistake"

<p>A financial expert has explained how baby boomers have remained largely unscathed by the ongoing housing crisis in Australia. </p> <p>ABC finance guru Alan Kohler described the crisis as Australia's "worst financial mistake", as Adelaide has now become the country's second least affordable city. </p> <p>The South Australian capital, which has long been known as one of the more affordable places in the country to live, has skyrocketed in price, as the median price for houses and units in Adelaide was $721,376 in January, which is 7.9 times higher than the state's average full-time salary of $91,026.</p> <p>"There are a couple of things that might surprise you: Adelaide became the second, least affordable Australian city last year," Mr Kohler explained.</p> <p>"Adelaide has just taken over from Hobart in second place."</p> <p>"What's going on: put simply, incomes in Adelaide, Hobart and Brisbane are not keeping up with house prices, which are being pushed up by fast-rising population and by first-home buyers."</p> <p>Mr Kohler, a baby boomer, noted that when he and his wife bought their first home in Melbourne for $40,000 in 1980, he was earning $11,500 as a journalist, meaning his home cost just 3.5 times his income before a mortgage deposit.</p> <p>"When my wife and I bought our first house in 1980, the average house price was 3.5 times average income," he said. "Now, it's 7.5 times and rising."</p> <p>"That didn't have to happen: it's Australia's worst, economic mistake."</p> <p>Mr Kohler said parents were increasingly propping up the mortgage deposits of first-home buyers, as first-home buyer subsidies from the federal government only pushed up property prices.</p> <p>"Despite rising prices and crushing interest rates, first-home buyers were the fastest-growing type of borrower," he said.</p> <p>"The Bank of Mum and Dad coughing up early inheritances and politicians showering them with grants and concessions, desperate to appear to be doing something about affordability while actually making it worse."</p> <p><em>Image credits: Shutterstock / ABC</em></p> <p class="mol-para-with-font" style="font-size: 16px; margin: 0px 0px 16px; padding: 0px; min-height: 0px; letter-spacing: -0.16px; font-family: graphik, Arial, sans-serif;"> </p>

Money & Banking

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