First home ownership has never been further out of reach under Labor
As another Parliamentary sitting week draws to a close home ownership, especially for first home buyers, has never been further out of reach.
This week, the Albanese Labor Government fiddled while the housing crisis continues to get worse.
The so called ‘Help to Buy’ scheme – a tiny proposal – simply replicates state government shared equity schemes that already exist and have largely been rejected by Australians. For example, 94 per cent of places in the virtually identical New South Wales scheme (Shared Equity Home Buyer Helper) are still unused, such is the lack of demand.
So, it’s no wonder the Government gagged debate of the ‘Help to Buy’ Bill – an election promise which was due to commence on 1 January 2023 – as it was unable to convince its backbenchers to even speak in support of the shambolic proposal.
On top of this, Australia has recently seen the weakest quarter of construction in more than a decade, with forecasts showing housing starts will decline even further over the next two years.
First home buyers are at the lowest level since the Gillard government, new home approvals have dropped to the lowest level in more than a decade, and lending for new homes remains at a shameful 20-year low.
Since the election, national median rents have increased by 26 per cent to $580 per week, Australia is experiencing record migration on Labor’s watch, and it has also been confirmed Labor’s 1.2 million homes promise is officially broken with an estimated 400,000 shortfall.
Labor continues to dodge the Coalition’s questions about the state of the housing crisis, and after 20 months of this Government, things are unfortunately only going to get worse with home ownership and the residential construction industry remaining at the bottom of Labor’s priority list.