Let’s Talk About The Rental Crisis In Australia
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Renters don’t matter in Australia if the current situation is anything to go by. The available rental stock nationally has fallen to 1.1%. This is the lowest figure on record in the history of the nation. So, let’s talk about the rental crisis in Australia. Rents in the capital cities have been going up 12% year on year on average. Of course, for some their rent has gone up way beyond that in the 20% to 30% stratosphere. At the same time in Australia wages have not gone up anywhere near this. Indeed, for most wages have not risen at all. This means that poorer Australians are going backwards economically at a serious rate of knots.
Record Residential Rents Divesting Aussies Of Their Savings
What is the Albanese government doing about this key contributor to the cost of living crisis? Oh yeah, letting in a flood of new migration into the country, at the rate of 1, 000 new arrivals per day. Of course, these migrants need somewhere to live and as cashed up people they are taking the slim stocks of available rentals. Plus, they are pushing the rents up even further through market forces. Is this good governing? Do renters matter for this Labor government? It seems not and, therefore, are pushing many into the Greens corner politically.
An Economic Crisis Is Worsening In Australia
PM Anthony Albanese does not seem to register that this is a dire economic crisis for a large section of the Australian population. It is pushing many of us into poverty unnecessarily, in my view. Politicians today seem unable to do anything economically but mouth empty platitudes on TV. They have divested their responsibilities to the market and monetary policy. Like Pontius Pilate they have washed their hands of the blood of the poor. Most MPs in Australia are property owners and a goodly number of them are landlords.
You will not hear the words ‘rent freeze’ come out of their mouths anytime soon. Indeed, price controls are un-Australian, apparently, and the market must feast upon the misery of the many unimpeded.
“ “For years governments have been walking away from social housing, relying on the private sector to deliver affordable homes,” Azize said. “These numbers show that’s a dangerous approach.
“Australia’s social housing shortfall is massive. We need to create 25,000 new social homes across the country every year. We’re calling on the government to act now and end the shortfall for good.” “
Two Speed Economy Killing Poorer Australians
The RBA has been pushing up interest rate steeply to combat inflation within the Australian economy. Of course, raising interest rates has a deleterious effect on rental stocks and pushes up rents. However, it is the record levels of immigration coming into this country which is really making this housing crisis worse. It is irresponsible government. It is governing with a tin ear toward the poorer demographics of our country. The poor must suffer to make the wheels of commerce turn and to make the wealthy richer. We are living in a divided land, and I don’t just mean racially speaking, it is a two speed economy. The poor are going backwards, as the cost of living crisis strips them of savings and their dignity. Meanwhile, those that the government and market deem important, go about their business raising prices and making record profits. This Labor government seems intent on shoring up Brownie points with the dominant cohort, those property owners living in the suburbs, rather than tackle the structural problems inherited from the Coalition’s decade in power. Albanese has been walking on egg shells for far too long. The poor are becoming legion and they will bite the hand that ignores them, let alone feeds them empty platitudes.
Let’s talk about the rental crisis in Australia. Stop the mass flow of migration into the country, until we have houses enough for people to live in. It is common sense, basic economics, but some voices get heard whilst the poor get bugger all.
Robert Sudha Hamilton is the author of Money Matters: Navigating Credit, Debt, and Financial Freedom.
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