You cannot afford a house as both sides of government have screwed up the Australian economy. Its eyes are on the 3 year election cycle and not on the well-being of middle and lower class Australians. Short term planning has resulted in the following;
(A) Tax breaks to multiple property owners- this increases demand for property and prices go up!
(B) First home buyers grants- more buyers in the market increases demand for property and prices go up!
(C) COVID money printing & record debt levels- increasing money supply means inflation and higher interest rates. The outcome is that the same amount of money now buys less.
Reduce debt to manageable levels and no big ticket items such as AUKUS (which will blow-out our record debt by 30%). It is preferable to use $$$ to support new industries for high level jobs rather than paying interest to service debt, the former supports middle to lower class Australians while the latter only benefits the rich.
(D) Very high migration levels- this increases demand for property and prices go up! The graph below demonstrates a direct correlation of high migration levels & higher median house prices.
Reduce migration to levels that do not negatively impact typical Australians. Train the workforce in those areas where skills are in demand. If concerned about ageing population then a baby bonus has been shown to work.
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