1 00:00:00,280 --> 00:00:03,239 Speaker 1: Good morning, everybody. Welcome to the Daily OS. It is Friday, 2 00:00:03,279 --> 00:00:05,200 Speaker 1: the sixth of May. You've made it to the end 3 00:00:05,280 --> 00:00:07,920 Speaker 1: of another week, and especially another week in the federal 4 00:00:07,960 --> 00:00:11,079 Speaker 1: election campaign. It's really getting to the pointy end of 5 00:00:11,119 --> 00:00:13,240 Speaker 1: things now and we're going to look at the major 6 00:00:13,280 --> 00:00:16,439 Speaker 1: parties and what they're saying about housing, particularly in relation 7 00:00:16,520 --> 00:00:19,560 Speaker 1: to those looking to buy their first homes. Zara, what 8 00:00:19,680 --> 00:00:20,760 Speaker 1: is the big story this morning? 9 00:00:21,400 --> 00:00:25,960 Speaker 2: PM Scott Morrison has defended Australia's relationship with Solomon Islands 10 00:00:25,960 --> 00:00:28,400 Speaker 2: in the wake of its security deal with China. So 11 00:00:28,560 --> 00:00:32,159 Speaker 2: yesterday Morrison said, of course Australia has not threatened to 12 00:00:32,159 --> 00:00:34,800 Speaker 2: invade the country. He also said he had not spoken 13 00:00:34,840 --> 00:00:37,080 Speaker 2: to the PM of Solomon Islands since the deal with 14 00:00:37,159 --> 00:00:40,160 Speaker 2: China was made. Penny Wong, who is the Labour's shadow 15 00:00:40,200 --> 00:00:43,400 Speaker 2: Foreign Affairs minister, said she was surprised the leaders had 16 00:00:43,400 --> 00:00:43,960 Speaker 2: not spoken. 17 00:00:44,479 --> 00:00:47,760 Speaker 1: We've spoken a lot about abortion this week, and Canadian 18 00:00:47,800 --> 00:00:50,239 Speaker 1: officials have said women in America will be able to 19 00:00:50,280 --> 00:00:53,720 Speaker 1: safely obtain abortions in Canada if the US Supreme Court 20 00:00:53,760 --> 00:00:58,480 Speaker 1: overturns Roe v Wade. Karina Gould, whose Canada's Minister for Families, 21 00:00:58,560 --> 00:01:01,960 Speaker 1: said quote. If they people come here and need access, 22 00:01:02,160 --> 00:01:04,960 Speaker 1: certainly you know that's a service that would be provided. 23 00:01:05,319 --> 00:01:08,880 Speaker 2: According to US officials, US intelligence has led Ukrainian forces 24 00:01:08,920 --> 00:01:13,320 Speaker 2: to kill approximately twelve frontline Russian generals. This sharing of 25 00:01:13,360 --> 00:01:16,800 Speaker 2: intelligence is part of increased US assistance to the region 26 00:01:16,840 --> 00:01:19,000 Speaker 2: that also includes weaponry and aid. 27 00:01:19,959 --> 00:01:22,600 Speaker 1: And today's good news, a portrait of New Zealand director 28 00:01:22,680 --> 00:01:26,319 Speaker 1: Tai Kawait Titty has won the Archibald Packing Room Prize. 29 00:01:26,800 --> 00:01:30,800 Speaker 1: Artist Klaus Stangel remains in the running for the big gong, 30 00:01:31,000 --> 00:01:39,479 Speaker 1: the Archibald Prize. So today we're going to talk about 31 00:01:39,520 --> 00:01:43,520 Speaker 1: the housing crisis. It's been a big week for housing policies. 32 00:01:43,680 --> 00:01:46,880 Speaker 1: On Sunday last week, Labor announced its housing policy, so 33 00:01:46,920 --> 00:01:49,160 Speaker 1: they explained what they would do if they are elected 34 00:01:49,200 --> 00:01:52,200 Speaker 1: to government in fifteen days. That's how close the election 35 00:01:52,400 --> 00:01:54,360 Speaker 1: is now. So I thought it was a good time 36 00:01:54,400 --> 00:01:57,200 Speaker 1: to go through what each major party is saying should 37 00:01:57,280 --> 00:01:59,440 Speaker 1: be done to make it easier for people to enter 38 00:01:59,440 --> 00:02:03,200 Speaker 1: the housing mine, especially in light of some pretty damning 39 00:02:03,240 --> 00:02:06,320 Speaker 1: statistics suggesting it is harder than ever to own a 40 00:02:06,360 --> 00:02:07,320 Speaker 1: home in Australia. 41 00:02:08,080 --> 00:02:10,600 Speaker 2: Just a light Friday topic, but before you take us 42 00:02:10,639 --> 00:02:13,200 Speaker 2: through what the major parties are saying that they'll do 43 00:02:13,400 --> 00:02:16,079 Speaker 2: about it. Can you take us through what the issue is. 44 00:02:16,200 --> 00:02:20,000 Speaker 2: If anyone here isn't listening in Sydney or Melbourne, Brisbane, 45 00:02:20,040 --> 00:02:22,560 Speaker 2: any other capital city, perhaps they're not aware of what 46 00:02:22,639 --> 00:02:24,280 Speaker 2: this housing crisis really looks like. 47 00:02:24,520 --> 00:02:27,880 Speaker 1: Well, our regional listeners would definitely feel the pinch as well, 48 00:02:27,919 --> 00:02:31,480 Speaker 1: because this is a nationwide problem. We've talked about this 49 00:02:31,639 --> 00:02:34,200 Speaker 1: a couple of times on this podcast and also over 50 00:02:34,320 --> 00:02:37,320 Speaker 1: on No Silly Questions, our politics podcasts in the lead 51 00:02:37,400 --> 00:02:40,560 Speaker 1: up to the election. But ultimately the situation is this 52 00:02:41,160 --> 00:02:44,120 Speaker 1: house prices are growing too quickly and wages are growing 53 00:02:44,160 --> 00:02:47,360 Speaker 1: too slowly. This has become a particular issue in the 54 00:02:47,440 --> 00:02:51,160 Speaker 1: last eighteen months. For example, in the last twelve months, 55 00:02:51,240 --> 00:02:54,600 Speaker 1: Demain reported the prices had grown by twenty one percent 56 00:02:54,840 --> 00:02:58,600 Speaker 1: in Sydney and Canberra. That's particularly stark when you compare 57 00:02:58,600 --> 00:03:02,520 Speaker 1: it to wage growth, which is remained relatively stagnant. About 58 00:03:02,520 --> 00:03:05,400 Speaker 1: thirty years ago, the average property price was four times 59 00:03:05,400 --> 00:03:07,760 Speaker 1: the average income. So if we break that stat down 60 00:03:07,800 --> 00:03:10,120 Speaker 1: a bit, it means that it would take four years 61 00:03:10,160 --> 00:03:13,240 Speaker 1: worth of full time work to pay off a home. Today, 62 00:03:13,320 --> 00:03:16,080 Speaker 1: we're looking at an average property price eight times the 63 00:03:16,120 --> 00:03:18,919 Speaker 1: average income, and that stat is even higher for those 64 00:03:19,000 --> 00:03:22,160 Speaker 1: living in Sydney. So it's absolutely no surprise that this 65 00:03:22,240 --> 00:03:25,120 Speaker 1: election young people feel like the possibility of buying a 66 00:03:25,160 --> 00:03:27,720 Speaker 1: home is becoming more and more out of reach. 67 00:03:28,240 --> 00:03:31,160 Speaker 2: Right, And we actually polled our audience the other day, 68 00:03:31,200 --> 00:03:33,520 Speaker 2: because it's one thing to talk in general about numbers, 69 00:03:33,560 --> 00:03:36,680 Speaker 2: but another to actually understand how our audience feels and 70 00:03:36,840 --> 00:03:40,360 Speaker 2: really understands these issues. Take us through what the results were. 71 00:03:41,160 --> 00:03:44,880 Speaker 1: There were some fascinating findings from this poll. Ninety two 72 00:03:44,960 --> 00:03:48,080 Speaker 1: percent said owning a property was important to them, So 73 00:03:48,200 --> 00:03:50,960 Speaker 1: the idea that we want to be lifetime renters perhaps 74 00:03:51,120 --> 00:03:54,520 Speaker 1: isn't accurate amongst our readers. But more than two in 75 00:03:54,680 --> 00:03:58,040 Speaker 1: five said they either didn't think or didn't know if 76 00:03:58,080 --> 00:04:00,680 Speaker 1: owning a home was actually a realistic goal to them. 77 00:04:00,720 --> 00:04:03,119 Speaker 1: So you've got a massive group of people who think 78 00:04:03,120 --> 00:04:05,520 Speaker 1: it's important, but no, they're not going to get there. 79 00:04:05,640 --> 00:04:07,960 Speaker 2: Okay, So let's go through what both the Coalition and 80 00:04:08,040 --> 00:04:11,360 Speaker 2: the Labor Party are actually proposing ahead of this election. 81 00:04:11,880 --> 00:04:14,800 Speaker 1: So perhaps I'll start with the Coalition. So we're talking 82 00:04:14,800 --> 00:04:17,360 Speaker 1: here about the Liberal Party and the National Party who 83 00:04:17,440 --> 00:04:20,600 Speaker 1: are currently in government. The most significant part of their 84 00:04:20,640 --> 00:04:24,840 Speaker 1: policy is the Home Guarantee Scheme. Ultimately, this means the 85 00:04:24,880 --> 00:04:27,520 Speaker 1: government is helping people build or buy a new home 86 00:04:27,600 --> 00:04:30,640 Speaker 1: with only a five percent deposit. So keep in mind 87 00:04:30,640 --> 00:04:32,960 Speaker 1: that you normally need a minimum of a ten percent 88 00:04:33,000 --> 00:04:35,719 Speaker 1: deposit to buy a home and a twenty percent deposit 89 00:04:35,760 --> 00:04:38,599 Speaker 1: to avoid mortgage insurance, and that can be a really 90 00:04:38,640 --> 00:04:41,560 Speaker 1: big cost for homeowners. I guess if we try and 91 00:04:41,560 --> 00:04:44,400 Speaker 1: simplify this policy down, it basically means the government is 92 00:04:44,440 --> 00:04:46,599 Speaker 1: telling the bank that they'll step in and make sure 93 00:04:46,640 --> 00:04:49,000 Speaker 1: the homeowner is good for the loan. It gives the 94 00:04:49,040 --> 00:04:51,920 Speaker 1: bank the final piece of confidence they need to lend 95 00:04:52,000 --> 00:04:55,080 Speaker 1: the person money, knowing it's unlikely to never be repaid. 96 00:04:55,560 --> 00:04:58,719 Speaker 1: So this scheme was originally capped at ten thousand places 97 00:04:58,760 --> 00:05:01,839 Speaker 1: across the country a year. However, the Coalition have since 98 00:05:01,839 --> 00:05:04,640 Speaker 1: announced that they're going to increase this to fifty thousand 99 00:05:04,680 --> 00:05:08,719 Speaker 1: places a year for single parents and regional Australians. Of course, 100 00:05:08,720 --> 00:05:12,080 Speaker 1: there are criteria that applicants need to meet, and this 101 00:05:12,120 --> 00:05:14,679 Speaker 1: is about how much the house is and your income. 102 00:05:15,360 --> 00:05:17,919 Speaker 1: The second big arm of their policies is called the 103 00:05:17,960 --> 00:05:21,640 Speaker 1: First Home super Saver. Under this policy, first home buyers 104 00:05:21,640 --> 00:05:24,640 Speaker 1: can essentially save some cash by moving more money than 105 00:05:24,720 --> 00:05:28,200 Speaker 1: required to their superfunds. So at the moment, ten percent 106 00:05:28,240 --> 00:05:31,240 Speaker 1: of your full time salary goes to super by making 107 00:05:31,360 --> 00:05:34,280 Speaker 1: voluntary contributions, and this is taxed at a lower rate 108 00:05:34,360 --> 00:05:36,920 Speaker 1: to your income. If it went straight into your bank account. 109 00:05:37,600 --> 00:05:39,880 Speaker 1: This money can then be used as part of your 110 00:05:39,920 --> 00:05:42,720 Speaker 1: first home deposit. Ultimately, the long and short of it 111 00:05:42,760 --> 00:05:45,080 Speaker 1: here is that it helps you save more and a 112 00:05:45,080 --> 00:05:47,760 Speaker 1: certain portion of your income can be taxed less up 113 00:05:47,839 --> 00:05:50,799 Speaker 1: to a certain point. So these limits are currently thirty 114 00:05:50,800 --> 00:05:54,080 Speaker 1: five thousand dollars and under a coalition government it would 115 00:05:54,080 --> 00:05:55,680 Speaker 1: increase to fifty thousand dollars. 116 00:05:55,960 --> 00:05:58,919 Speaker 2: Okay, And what about labor under Anthony Albenezi. 117 00:05:59,320 --> 00:06:01,719 Speaker 1: So this was the policy announcement that I said was 118 00:06:01,760 --> 00:06:05,040 Speaker 1: revealed at the Labor campaign launch last Sunday. It's called 119 00:06:05,080 --> 00:06:07,919 Speaker 1: the help to Buy program, and this is basically a 120 00:06:07,960 --> 00:06:10,800 Speaker 1: policy where the government would help you buy a property 121 00:06:10,880 --> 00:06:13,680 Speaker 1: by owning part of the property with you. So they're 122 00:06:13,880 --> 00:06:16,480 Speaker 1: sitting around the table of the ownership of the house. 123 00:06:17,000 --> 00:06:20,080 Speaker 1: This is for ten thousand homeowners a year and basically 124 00:06:20,160 --> 00:06:23,200 Speaker 1: a labor government could buy up to forty percent for 125 00:06:23,240 --> 00:06:25,760 Speaker 1: a new house and thirty percent for an old house. 126 00:06:26,240 --> 00:06:28,599 Speaker 1: It would own equity in the house, which means that 127 00:06:28,640 --> 00:06:30,960 Speaker 1: when you sell it, the government will share part of 128 00:06:31,000 --> 00:06:33,720 Speaker 1: the profit. Ultimately, it's like when your parents help you 129 00:06:33,760 --> 00:06:36,400 Speaker 1: buy a home, except this time it's the government. To 130 00:06:36,520 --> 00:06:39,479 Speaker 1: participate in this scheme, people are required to have a 131 00:06:39,520 --> 00:06:42,880 Speaker 1: minimum of a two percent of the price of the home. 132 00:06:43,120 --> 00:06:45,440 Speaker 1: They also need to earn below ninety k if you're 133 00:06:45,480 --> 00:06:47,839 Speaker 1: a single, or one hundred and twenty k if you're 134 00:06:47,880 --> 00:06:51,040 Speaker 1: in a couple and you can't currently own a property. 135 00:06:51,360 --> 00:06:54,520 Speaker 2: Funnily enough, there is a video circulating online of Scott 136 00:06:54,560 --> 00:06:58,920 Speaker 2: Morrison and Jason Clair Jason Clair being the opposition's housing 137 00:06:59,080 --> 00:07:01,760 Speaker 2: spokesperson in a debate a number of years ago, with 138 00:07:01,839 --> 00:07:04,960 Speaker 2: Scott Morrison saying that the government should perhaps look at 139 00:07:05,000 --> 00:07:08,200 Speaker 2: an equity share scheme. So it's something that's not necessarily new, 140 00:07:08,240 --> 00:07:11,000 Speaker 2: but it is now being proposed by the Labor Party. 141 00:07:11,440 --> 00:07:14,120 Speaker 1: This isn't the only part of Labour's housing policy. They've 142 00:07:14,120 --> 00:07:17,400 Speaker 1: also announced a fund for social and affordable housing, which 143 00:07:17,440 --> 00:07:20,280 Speaker 1: we'll see thirty thousand houses built over five years for 144 00:07:20,400 --> 00:07:24,000 Speaker 1: frontline workers, domestic violence victims and older women at risk 145 00:07:24,080 --> 00:07:27,400 Speaker 1: of homelessness. So when we take a step back after 146 00:07:27,480 --> 00:07:30,320 Speaker 1: all of that policy jargon. We asked the Daily OS 147 00:07:30,400 --> 00:07:33,840 Speaker 1: audience what sort of assistance they're looking for from their government. 148 00:07:34,000 --> 00:07:36,760 Speaker 1: Do they want a reduced deposit or do they want 149 00:07:36,800 --> 00:07:41,000 Speaker 1: reduced mortgage repayments? Fifty nine percent of respondents would prefer 150 00:07:41,080 --> 00:07:44,280 Speaker 1: the government to assist them in reducing mortgage repayments and 151 00:07:44,440 --> 00:07:45,480 Speaker 1: interesting observation. 152 00:07:46,080 --> 00:07:48,880 Speaker 2: Certainly interesting. And you might have noticed that we didn't 153 00:07:48,920 --> 00:07:51,320 Speaker 2: mention what the Greens, which is the biggest minor party 154 00:07:51,360 --> 00:07:54,160 Speaker 2: we have in the country, what they're taking to the election. 155 00:07:54,360 --> 00:07:57,120 Speaker 2: And in a nutshell, the Greens plan to build a 156 00:07:57,200 --> 00:07:58,160 Speaker 2: million homes. 157 00:07:58,240 --> 00:07:59,160 Speaker 1: Now if you're. 158 00:07:59,040 --> 00:08:02,000 Speaker 2: Wondering how they'll get there, well, the Daily Ods yesterday 159 00:08:02,080 --> 00:08:05,120 Speaker 2: conducted a sit down interview with the leader of the Greens, 160 00:08:05,120 --> 00:08:08,400 Speaker 2: Adam Band So stay tuned on our Instagram to hear 161 00:08:08,480 --> 00:08:09,240 Speaker 2: that interview. 162 00:08:09,800 --> 00:08:11,320 Speaker 1: It was pretty cool to have the leader of the 163 00:08:11,320 --> 00:08:13,520 Speaker 1: Greens in the Daily Os office. We can't wait to 164 00:08:13,520 --> 00:08:16,280 Speaker 1: bring that to you over the next week. Until then, 165 00:08:16,440 --> 00:08:20,000 Speaker 1: have a sensational weekend, enjoy the sunshine if it's sunny 166 00:08:20,040 --> 00:08:22,000 Speaker 1: in your skies, and we'll speak to you on Monday.