Page 1384 - Week 04 - Thursday, 30 March 2017
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times, going from roughly $140,000 to $940,000. Despite being more affordable than the other capital cities, in Canberra the average house price is now almost $720,000.
While house prices have increased rapidly, wages and earnings have not increased at a similar pace. A study by the National Centre for Social and Economic Modelling and the Smith Family found 13 per cent of Australian households live in poverty, with poverty being defined as earning half the average income of all Australians. However, when the cost of housing is taken into account, that figure rises to 18 per cent of Australians living in poverty. This is unacceptable.
Access to adequate housing is a human right, and housing affordability is essential to ensuring a high quality of life for all Australians. It is important for people’s personal security and self-worth. Communities flourish when people feel connected, and that is something that home ownership ensures. The federal parliament’s committee inquiring into housing affordability found that home ownership has positive connections to physical and mental health, along with childhood education and development. Owning a home is important to a person’s long-term financial future and stability.
Ignoring the housing affordability crisis constitutes a failure of governments to act in the best interests of millions of Australians. The federal Liberal government, for example, has completely failed to act in the face of this crisis. In 2015, when asked how many first homebuyers could enter the market, the then Treasurer, Joe Hockey, responded that they should “get a good job that pays good money”. When asked how young people are expected to save up a deposit for a house, Malcolm Turnbull said parents should pay for their children. This perfectly sums up the Liberals’ attitude to house prices. They are completely out of touch with reality.
Mrs Jones interjecting—
MR PETTERSSON: Their failure to show any kind of leadership or policy to address this issue shows what a lame duck the federal government is. In 2015 half of all new home loans went to investors rather than people looking to buy a house for themselves. This drives up prices. Despite this, the Liberal government have refused to overhaul negative gearing or capital gains tax—
Opposition members interjecting—
MR PETTERSSON: policies that their own inquiry found led to increases in house prices.
Ms Orr: A point of order.
Mr Gentleman: A point of order, Madam Deputy Speaker.
MADAM DEPUTY SPEAKER: Hang on a second; Ms Orr had a point of order before you.
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