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Sep 27, 2011

Multiple generations sharing to save costs shows housing unaffordable

The high cost of housing is having repercussions for households across the housing spectrum. Reports of cash strapped households sharing to split the financial load is a worrying trend as households try to cope with high housing costs. (“Families stay put to save” Herald Sun 27/09/11).

Many children staying in the family home for longer feel utterly priced out of the ability to buy their own home. This is not a problem we had a generation ago, but now its getting harder and harder for young people to get into their own home, even in the rental market.

Next week’s tax summit is an ideal opportunity to address the tax deduction loopholes that inflate house prices and make it harder for young people to get into the housing market.

A range of tax reforms are required to make housing more affordable in this country. Both individual tax deductions and things like stamp duty and land tax need to be on the table.

Housing affordability should be the number one agenda item for discussion at the Tax Summit in Canberra next Tuesday.

Until we take steps at the governmental level to ensure that housing is more affordable for people, we will continue to see individuals and families making huge sacrifices just to meet their basic need for housing. In the long term it is not viable for Australian households to continuemake the sacrifices that current house prices are inflicting upon them.

Sarah Toohey
Campaign Manager, Australians for Affordable Housing


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