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Speaker 1: Good morning and welcome to the Daily OS. It's Thursday,

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Speaker 1: the eleventh of March. My name is Sam Kazlowski, and

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Speaker 1: helping me make sense of today's news is Aara Sidler.

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Speaker 2: Making news today Australia's vaccine.

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Speaker 1: Drive, a new abortion law.

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Speaker 2: Some good news about a swing.

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Speaker 1: Set, and a discussion about whether there's a housing bubble

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Speaker 1: in Australia. Here is today's Daily digest.

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Speaker 3: Prime Minister Scott Morrison has announced one hundred thousand Australians

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Speaker 3: have now been vaccinated against COVID nineteen. The federal government

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Speaker 3: set a target earlier in the year to reach four

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Speaker 3: million vaccinations by April. New South Wales Premier Gladys Barogiclian

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Speaker 3: received the Astrozenica vaccine yesterday.

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Speaker 1: Meanwhile, Prime Minister Scott Morrison will attend a virtual meeting

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Speaker 1: with US President Joe Biden, Japanese Prime Minister Yoshihide Suga

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Speaker 1: and Indian Prime Minister Nurendrum Modi on Saturday. It's called

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Speaker 1: the Quad and the Quad meeting is expected to cover

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Speaker 1: the vaccine rollout, economic operation and climate action.

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Speaker 3: The state of Arkansas in the US has enacted a

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Speaker 3: new law that bans health providers from performing abortions except

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Speaker 3: quote to save the life of a pregnant woman in

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Speaker 3: a medical emergency. There are no exceptions made for instances

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Speaker 3: of rape, incest or fetal anomalies.

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Speaker 1: And today's good news. Now you're going to have to

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Speaker 1: ride the highs and lows with me on this one.

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Speaker 1: But the New Zealand teenager has set the new world

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Speaker 1: record for consecutive hours on a swing set, swinging backwards

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Speaker 1: and forwards for thirty six hours. Not only did fourteen

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Speaker 1: year old Patrick Cooper set a new record, he also

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Speaker 1: raised money for his local hospital.

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Speaker 3: At the age of twenty six, you are far too

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Speaker 3: young to be making dad jokes.

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Speaker 2: But moving to our big story of today.

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Speaker 3: And I read briefly that the RBA had made some

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Speaker 3: comments on this yesterday, but I'm not entirely sure what

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Speaker 3: the context is.

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Speaker 2: Sam tell me about housing in Australia.

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Speaker 1: So I know your gut reaction is to maybe turn

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Speaker 1: down the volume right now, but absolutely stick with me

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Speaker 1: on this one. We're going to talk finance and property,

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Speaker 1: but we're going to make it cool a promise. So

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Speaker 1: we're in the middle of what the RBA Governor Philip

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Speaker 1: Low calls a pandemic property boom. The housing market went

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Speaker 1: up two point one percent in February. Now that's the

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Speaker 1: biggest monthly jump in eighteen years, so.

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Speaker 2: Basically our entire lifetime.

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Speaker 1: Why was that The governor outlined five key reasons why

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Speaker 1: we're seeing this property boom, and I think it's really

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Speaker 1: important that young ossies pay attention to what's happening in

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Speaker 1: the economy because it's going to impact you and me.

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Speaker 1: It's going to mean that we're going to enter our

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Speaker 1: thirties and our forties and not be able to afford

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Speaker 1: a home. That, along with climate change, are the real

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Speaker 1: big issues of our generation. So one of the key

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Speaker 1: reasons was low interest rates. And interest rate is the

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Speaker 1: cost of borrowing money, and basically when interest rates are low,

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Speaker 1: it's easier to get a loan. So any young person really,

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Speaker 1: if they have a solid job and a solid credit history,

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Speaker 1: can go to the bank and get a homewon. There's

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Speaker 1: also a really interesting preference towards houses, not apartments, and

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Speaker 1: towards the regional areas of states rather than the capital cities.

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Speaker 1: We saw an eleven percent spike in regional New South

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Speaker 1: Wales and an eight percent spike in regional victoria. So

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Speaker 1: regional areas are no longer the affordable housing areas that

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Speaker 1: they once were. Now we know that this stuff really matters.

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Speaker 1: In the last IPSOS issues matters poll Housing was a

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Speaker 1: higher concern during the COVID nineteen pandemic than health.

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Speaker 3: We might have TDA listeners who like me don't get

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Speaker 3: overly excited by the topic of housing prices.

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Speaker 2: So why do young people need to care?

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Speaker 1: Owning a home and having somewhere to call yours is

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Speaker 1: a really, really significant goal for most Australians and whenever

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Speaker 1: the conditions in the market changed to make that goal harder,

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Speaker 1: it's something that young ossies need to think about and

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Speaker 1: need to care about. The COVID nineteen pandemic is nobody's

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Speaker 1: fault and everybody thinks that cutting interest rates was the

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Speaker 1: right thing to do. But we now have a situation

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Speaker 1: where it's going to be really hard for you and

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Speaker 1: I to get our first home, and that's for us

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Speaker 1: to think about.

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Speaker 3: That is all we have time for today. But in

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Speaker 3: the meantime, follow the day's news on Instagram at the

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Speaker 3: Daily Odds. It's where over ninety thousand Australians get their

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Speaker 3: news throughout the.

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Speaker 2: Day and we'd love you to become part of the community.

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Speaker 3: And we love early mornings, so we have also launched

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Speaker 3: a newsletter and you can sign up for that at

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Speaker 3: the link in our show notes.

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Speaker 2: Happy Thursday.