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Speaker 1: Happy Saturday, everybody. Welcome to the summer editions of The

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Speaker 1: Daily Oz. Today we're going to give you the second

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Speaker 1: episode of Billy fitz Simons's series, Young Dumb and Informed.

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Speaker 1: Today's episode is about the state of Australian housing. As

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Speaker 1: a young person, we often consider the question will I

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Speaker 1: ever own my first home? And in this podcast we

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Speaker 1: get a sense of where both the government and the

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Speaker 1: opposition stands on what I think is going to be

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Speaker 1: an election defining issue. The cost of living is at

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Speaker 1: the top of everyone's mind at the moment and this

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Speaker 1: is a really interesting chat about what it will take

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Speaker 1: to own a home in Australia. Hope you enjoy.

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Speaker 2: Today's episode of Young Dumb and Informed is brought to

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Speaker 2: you by Swish personalized video messages from your favorite sports stars.

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Speaker 2: Swiss videos are the gifts that keep on giving, with

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Speaker 2: twenty percent of all proceeds going to local children's charities.

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Speaker 3: Hey, Billy, here are you going?

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Speaker 2: Hello?

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Speaker 4: Hello, I'm good, Thank you, I'm very well.

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Speaker 2: From the Daily Os I'm belief. It's Simon's and this

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Speaker 2: is Young Dumb and Informed. This is the podcast where

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Speaker 2: we give you the starter pack for some of the

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Speaker 2: biggest issues facing young people. On today's episode, we're talking

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Speaker 2: about the housing market crisis at the Daily OS. We

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Speaker 2: hear time and time again from our audience that they

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Speaker 2: just don't.

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Speaker 5: Believe that they will.

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Speaker 2: Be able to buy a house in their lifetime given

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Speaker 2: the surging prices we have seen across the country, particularly

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Speaker 2: in the metropolitan areas.

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Speaker 5: So we want to speak to the.

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Speaker 2: Government, to the opposition and to a person who has

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Speaker 2: personal experience with this to find out what the issue

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Speaker 2: is and what they believe the solutions should be.

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Speaker 6: The housing market has become a competitive sport where the

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Speaker 6: winners make the most money and the losers are first

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Speaker 6: home buias and income renters.

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Speaker 7: We have policies, as I've already announced on the weekend

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Speaker 7: and in the years prior to that, which are helping

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Speaker 7: first homeowners by their first home. Labor has a policy

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Speaker 7: that will erode the value of Australian's homes and push

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Speaker 7: up people's rents.

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Speaker 8: It's just been talking to people who were first home buyers.

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Speaker 8: A doctor just missed out on an auction for a

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Speaker 8: one bedroom unit. It just shows how tough it is

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Speaker 8: for people to get into housing.

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Speaker 9: Look, we definitely have the highest level of first home

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Speaker 9: owners since two thousand and nine.

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Speaker 5: So we are doing well.

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Speaker 9: With first homeowners and that's because we've put in place

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Speaker 9: some effective programs.

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Speaker 2: When COVID hit, there were expert predictions that the market

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Speaker 2: would slow down and it would become more affordable for

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Speaker 2: all of us, but the opposite has happened. In the

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Speaker 2: past year alone, the value of houses in Australia has

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Speaker 2: increased by nearly twenty two percent, and in Sydney I

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Speaker 2: claimed by thirty percent. That stat is particularly stark when

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Speaker 2: you compare it to the fact that wages for Australians

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Speaker 2: only went up by about two percent in the same period.

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Speaker 2: So it's unsurprising that we're seeing so many young people

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Speaker 2: considering becoming lifetime renters simply because they can't afford a deposit.

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Speaker 2: It's clear this is going to be a big election

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Speaker 2: issue at the end of the day. Being able to

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Speaker 2: buy a home is part of the Australian dream and

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Speaker 2: it's slowly becoming the Australian nightmare. As always, I spoke

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Speaker 2: to three different people with three different perspectives about this issue. Firstly,

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Speaker 2: I interviewed Jason Folinsky. He's from the Liberal Party, the

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Speaker 2: party that is currently in government and he's important when

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Speaker 2: we talk about the housing market crisis because he's currently

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Speaker 2: leading a parliamentary inquiry into housing affordability and supply in Australia.

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Speaker 10: My name is Jason.

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Speaker 11: Felinsky, the for mckeller, which means I sit in the

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Speaker 11: Federal Parliament. I'm currently the chair of the House Standing

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Speaker 11: Committee on Taxan Revenue and we are conducting an inquiry

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Speaker 11: into housing affordability and supply.

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Speaker 2: So Jason Felinsky is our voice from the government on

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Speaker 2: this episode and Mike always I interview a politician on

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Speaker 2: the opposite side of politics too. His name is Jason

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Speaker 2: Clair and he's the Shadow Minister for Housing and Homelessness.

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Speaker 3: My name is Jason.

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Speaker 12: I'm a dad and a father, but also a politician

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Speaker 12: apologies for that. I am a local member of Parliament

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Speaker 12: in the Western Suburbs of Sydney. I represent the area

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Speaker 12: of Bankstown and Auburn, a really wonderful multicultural, working class

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Speaker 12: part of Australia.

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Speaker 3: And I've also got.

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Speaker 12: The privilege to be part of the front bench of

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Speaker 12: the Labor Team, and I'm the Shadow Minister for Housing

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Speaker 12: and for Homelessness.

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Speaker 2: And lastly, I reach out to someone from the TDA

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Speaker 2: audience about their experience of trying to enter the housing market.

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Speaker 2: Don't worry. Her name isn't also Jason. Her name is Courtney.

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Speaker 4: My name is Courtney. I'm from Sydney and I'm a performer.

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Speaker 2: Courtney has recently been trying to enter the housing market

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Speaker 2: in Sydney.

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Speaker 4: It's been really eye opening how inaccessible the market is,

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Speaker 4: and how it's not just about what your job is

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Speaker 4: and how much you earn, it's about where you fit

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Speaker 4: in socioeconomically.

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Speaker 2: So let's start with what all perspectives could agree on,

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Speaker 2: and that's that A, there's a really big issue here

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Speaker 2: and B the current government isn't doing enough to help

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Speaker 2: young people enter the housing market. When I got on

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Speaker 2: the phone to Jason Flinsky, my first question was do

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Speaker 2: you think the government is doing enough to encourage young

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Speaker 2: people to enter the housing market.

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Speaker 5: His answer, no, No, I don't.

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Speaker 11: The real key what makes this so unforgivable is that

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Speaker 11: Australia has some of the highest average weekly earnings in

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Speaker 11: the world and wage is thirty five percent higher than

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Speaker 11: the next highest minimum wage. We have more land than

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Speaker 11: you can poke a stick at with the least densely

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Speaker 11: populated continent in the world outside the South Pole. We

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Speaker 11: literally have enough land to build apartments, houses, anything you

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Speaker 11: want on and we have enough money to afford those houses.

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Speaker 11: But we have systematically, through frankly greed, ineptitude, in action,

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Speaker 11: and just massive regulatory failure, created a housing market that

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Speaker 11: is as unaffordable as Singapore and Hong Kong. And that's

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Speaker 11: why I think that this is nothing short of intergenerational theft.

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Speaker 5: So that was Jason Flinsky.

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Speaker 2: The other Jason, Jason Clare didn't exactly fill me with

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Speaker 2: hope either.

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Speaker 12: Well, the government's been in power now for almost a

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Speaker 12: decade and it's it's not getting easier to buy a house,

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Speaker 12: it's getting harder, and not just to buy, it's harder

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Speaker 12: to rent than ever before. And there are more homeless

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Speaker 12: Australians today than ever before. House prices haven't just gone up,

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Speaker 12: rents have gone up through the roof, and a lot

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Speaker 12: of people listening to this podcast who dream of one

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Speaker 12: day owning a home be seeing those prices going up

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Speaker 12: and be thinking how do I save a deposit to

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Speaker 12: buy a house when so much of my income every

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Speaker 12: week goes in rent.

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Speaker 2: If you're new to learning about the housing market. The

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Speaker 2: core issues can get lost in economic jargon. So to

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Speaker 2: put it as simply as possible, there's an issue of

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Speaker 2: supply and demand. There's too many people at the auctions,

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Speaker 2: all competing for the same properties, and that's causing the

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Speaker 2: prices to skyrocket. Whilst we are seeing surging prices across

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Speaker 2: metropolitan cities in Australia, it's also an issue that we're

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Speaker 2: seeing across regional Australia.

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Speaker 12: I was in the south coast of the New South

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Speaker 12: Wales yesterday and there's towns there where the cost of

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Speaker 12: buying houses jump by fifty percent just in the last year,

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Speaker 12: and that makes it harder and harder for young people

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Speaker 12: who are trying to buy their first home to get

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Speaker 12: the first home, and we're seeing that in the statistics

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Speaker 12: because there's been a drop in the number of first

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Speaker 12: home buyers buying a home this year's prices have gone up.

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Speaker 2: Our voice from the Government on this episode, Jason Flinsky

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Speaker 2: talks about the extreme lack of supply as being the

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Speaker 2: primary concern and you might find it interesting as I

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Speaker 2: did that in the interview with Jason Flinsky, he was

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Speaker 2: quite critical of the government.

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Speaker 5: He's a part of.

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Speaker 11: So because we have a planning system that restricts supply

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Speaker 11: and also makes it difficult for people to build new houses,

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Speaker 11: and we have a situation where anytime there's increase in demand,

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Speaker 11: which is what happened about eighteen months ago when the

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Speaker 11: Reserve Bank cut interest rates pretty much close to zero,

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Speaker 11: instead of that going into increased supply, it all went

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Speaker 11: into increased price, which made housing yet.

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Speaker 10: More unaffordable in the long term.

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Speaker 11: Though, what we know from econometric analysis going back to

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Speaker 11: about the mid eighties, it was around about nineteen eighty

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Speaker 11: five that we started producing less houses than people were demanding,

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Speaker 11: and so it's round about that point that you start

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Speaker 11: to see or growth in house prices depart from underlying inflation.

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Speaker 2: Okay, so that was a bit complex, but to put

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Speaker 2: it more simply, thirty years ago when demand for housing group,

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Speaker 2: people built more houses. Today, because of how hard it

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Speaker 2: is to get approval for building a new house, it's

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Speaker 2: more likely that people will just bid more for a

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Speaker 2: house that already exists, putting upwards pressure on house prices, and.

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Speaker 11: That's why thirty five years later you have a housing

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Speaker 11: shortage in Sydney alone of about one hundred and ten

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Speaker 11: thousand houses and nationwide it's about two hundred thousand. And

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Speaker 11: if you listen to some of the social or housing providers,

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Speaker 11: they would tell you between now and twenty thirty five

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Speaker 11: we will be about Arminian houses, short in sort of

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Speaker 11: affordable housing for people trying.

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Speaker 10: To enter the market.

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Speaker 2: So it seems pretty clear that we have an understanding

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Speaker 2: of what's driving the housing prices up. Can you explain

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Speaker 2: what the inquiry is actually doing to look at the solutions?

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Speaker 11: So I would probably rudely but humbly disagree with you.

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Speaker 11: I think that we don't actually have a fair understanding

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Speaker 11: about what is driving house prices, or most of the

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Speaker 11: commonly accepted wisdom around the drivers of house and property

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Speaker 11: prices in Australia are completely and absolutely misunderstood. We don't

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Speaker 11: actually want to deal with what are some of the

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Speaker 11: really difficult issues in front of us, which actually means

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Speaker 11: taking on some entrenched interest groups in this area. And

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Speaker 11: so the result of that is is that we just

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Speaker 11: get a housing market that every year it.

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Speaker 10: Becomes a little bit less affordable. Every year fewer people

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Speaker 10: can buy into it.

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Speaker 11: Every year someone else gets blinds and a new theory arises.

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Speaker 11: But we don't deal with the underlying, long term, fundamental

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Speaker 11: driver of pricing crosis in Australia.

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Speaker 2: Okay, let's turn our attention to what the government is

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Speaker 2: currently doing for young people. The First Home Loan Deposit

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Speaker 2: Scheme is one of the key areas of policy for

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Speaker 2: the federal government when it comes to helping young people

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Speaker 2: enter the market. This is an initiative to help first

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Speaker 2: home buyers purchase their first home sooner. So usually the

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Speaker 2: rule to borrow money from the bank for a home

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Speaker 2: loan is you need to save ten percent, So if

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Speaker 2: you want to buy a five hundred thousand dollar property,

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Speaker 2: you'll need fifty thousand dollars. Under this first Home Loan

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Speaker 2: Deposit scheme, though, you can have a deposit of five percent,

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Speaker 2: so in this case you'd only need twenty five thousand

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Speaker 2: dollars instead of fifty thousand dollars. It also means that

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Speaker 2: the government will play the role of guarantor instead of

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Speaker 2: a family member, which essentially means that that person promises

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Speaker 2: to pay back the entire loan if the borrower can't,

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Speaker 2: so it's just like a security blanket. There are some

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Speaker 2: requirements on the properties. For example, in Melbourne, the property

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Speaker 2: you use the scheme on can't be more than seven

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Speaker 2: hundred thousand dollars. But those are the basics. It seems great,

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Speaker 2: but the scheme is capped. There are only ten thousand

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Speaker 2: spots available in the scheme per financial year. Courtney actually

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Speaker 2: tried to apply for the scheme this year, but she

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Speaker 2: missed out.

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Speaker 4: There are normal spots for the first time buyers, Like

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Speaker 4: if you're a first time buyer, there's normal spots right now,

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Speaker 4: and I mean you can if you want to buy

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Speaker 4: a new dwelling or something like that. I mean, there

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Speaker 4: are spots available. But this gifts that the government sort

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Speaker 4: of gave or that the pathway in for people like

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Speaker 4: me who have unstable and uncertain comes the majority of

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Speaker 4: the time. Yeah, that's sort of that's been sort of

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Speaker 4: taken away at least until the middle of next year.

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Speaker 4: So I don't know, Like it's one thing to be

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Speaker 4: able to have saved a little bit of money, I

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Speaker 4: mean least for the first time in my life. I've

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Speaker 4: never really been able to, Like I mentioned before, like

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Speaker 4: I sort of helped support my family in other ways

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Speaker 4: and I've not really been able to do that saving.

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Speaker 4: And now it's like, oh, like I'm on my way,

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Speaker 4: and now the pathway to get there has been sort

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Speaker 4: of snatched away again. The government does have the capacity

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Speaker 4: to make access easier, and yeah, I just so it's

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Speaker 4: a real choice to not be doing that, and I

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Speaker 4: think it's cruel to have only a certain number of

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Speaker 4: places for a scheme that is not exhausted by the

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Speaker 4: amount of participants that have put their hand up for it.

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Speaker 2: So so as we keep saying there's a federal election

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Speaker 2: coming up, meaning it's a popular time for the government

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Speaker 2: and the opposition to talk about what new policies they

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Speaker 2: will introduce to entice voters, Jason Folinsky wouldn't exactly say, though,

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Speaker 2: if the government would remove these caps, we.

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Speaker 11: Do need policies in place that actually reshuffle the deck

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Speaker 11: to give first home buyers a leg up.

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Speaker 10: And what that looks like is, you know, whether.

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Speaker 11: It's access to people super for a deposit on their

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Speaker 11: first time and their first time only.

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Speaker 10: I think is an idea worth pursuing.

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Speaker 11: I think it's worth pursuing whether what sort of incentives

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Speaker 11: the federal government provides for people who are buying their

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Speaker 11: first home.

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Speaker 2: So, just to clarify, do you think the government should

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Speaker 2: remove those caps?

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Speaker 11: Look I don't want to preempt the outcome of our inquiry,

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Speaker 11: but it is certainly something that.

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Speaker 10: We'd be looking at. Yes.

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Speaker 2: Jason Claire, on the other hand, seat if label were

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Speaker 2: to win the next election, they would get rid of

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Speaker 2: these caps. So this is one of the big differences

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Speaker 2: between the two parties when we're looking at what their

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Speaker 2: policy will be in the lead up to the next election.

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Speaker 12: If we win the next election, we'd expand that scheme.

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Speaker 12: It's a it only helps ten thousand people to get

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Speaker 12: a mortgage sooner without having to pay mortgage insurance if

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Speaker 12: you want to build a new house. We've said that

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Speaker 12: we would get rid of the cap on that scheme

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Speaker 12: because that would do two things. That it would help

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Speaker 12: people to buy a home sooner without having to pay

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Speaker 12: mortgage insurance, which for people who don't know, is a

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Speaker 12: really big cost. That is a really awful surprise you

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Speaker 12: get when you sign up to a mortgage you realize

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Speaker 12: you've got to pay this ten thousand dollars fee as well.

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Speaker 12: But it would also actually help the construction industry. There's

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Speaker 12: a lot of people that are employed in building houses

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Speaker 12: and making materials for houses.

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Speaker 3: So it would do two things by lifting that scheme.

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Speaker 2: But even with this help, it doesn't take away from

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Speaker 2: the fact that the competitive housing market is in large

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Speaker 2: part due to cash up traditionally older investors.

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Speaker 5: So while so.

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Speaker 2: Many young people are trying to enter the market, they're

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Speaker 2: coming up against people who already have multiple properties under

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Speaker 2: their belt. Even with the first home loan deposit scheme,

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Speaker 2: people like Courtney are getting priced out. And so have

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Speaker 2: you found that the other people looking at the same

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Speaker 2: properties as you are investors?

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Speaker 4: Absolutely, I've not seen too many sort of young people

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Speaker 4: at these inspections. Yeah, they seem to be investors with

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Speaker 4: there or if they're my age, they already own a

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Speaker 4: property and it's a good financial decision for them, whereas

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Speaker 4: I'd like just one please? Could I just let me

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Speaker 4: have one?

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Speaker 5: Can you just back off? Thanks, Let's take a break.

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Speaker 5: We'll be right back.

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Speaker 1: Whoa housing that's a bit dark? Well, it's just me.

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Speaker 1: My name is Sam. I am the co founder of

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Speaker 1: the Daily Os. Jumping in here to send a message

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Speaker 1: to my girlfriend if she's listening right now. What I

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00:16:48,880 --> 00:16:52,640
Speaker 1: want for Christmas is actually a video from Swish. I'm

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Speaker 1: really not fussy, I am super easy going, but I

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Speaker 1: would love a video from Josh Kennedy from The Swan's

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Speaker 1: telling me to have him Christmas, and despite it not

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Speaker 1: being the Swan's Year, We're going to keep cracking on.

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Speaker 1: In twenty twenty two, all you got to do is

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Speaker 1: jump onto hayeswish dot com. I've left a link and

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Speaker 1: a discount code. It's TDA ten for you. In the

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00:17:12,440 --> 00:17:15,320
Speaker 1: show notes, you'll donate twenty percent of the money to

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Speaker 1: a local children's charity. But most of all, you'll make

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Speaker 1: me really happy for Christmas. Love you.

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Speaker 10: Now.

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Speaker 2: There was a potential policy that Labor has previously promised

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Speaker 2: to help solve this, and that's called negative gearing. This

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Speaker 2: is a strategy used by investors to reduce tax It's

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Speaker 2: admittedly a bit of a confusing term, but it's basically

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Speaker 2: the situation where the cost of owning an investment property,

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Speaker 2: so your mortgage repayment is more than the rent you're

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Speaker 2: earning from a tenant, so essentially you're losing money by

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Speaker 2: owning that home. But investors do this for tax benefits

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Speaker 2: because they can deduct that loss from their salary. Over

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Speaker 2: the last two elections, the Labor Party said that if

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Speaker 2: they were to get into government, they would reduce how

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Speaker 2: many people could negatively gear their investment properties. So this

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Speaker 2: means you would be competing against significantly less investors for

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Speaker 2: a property that already exists. So that's what Labour promised

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Speaker 2: at the previous elections, but this year they announced they

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Speaker 2: were scrapping it all together. According to Jason Claire, it

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Speaker 2: was part of the reason they lost those elections.

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Speaker 3: Well, we took it to the last election.

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Speaker 12: We actually took it to the election before that as well,

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Speaker 12: and we lost both elections.

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Speaker 3: We got tailed up in both of those elections.

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Speaker 12: You've got to after each and every election, look at

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Speaker 12: what you took to the electorate, what people said about it,

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Speaker 12: what they thought.

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Speaker 3: About it, and learned from that, learned from your mistakes.

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Speaker 12: One of the things as we looked at the results

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Speaker 12: of the last election was that this was something that

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Speaker 12: not a lot of voters or not every voter wanted,

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Speaker 12: and so learning from that mistake, we're not going to

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Speaker 12: take that to the next election.

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Speaker 2: I do just want to stay on this point for

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Speaker 2: a second because I think that this is one of

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Speaker 2: my key takeaways from speaking with politicians about the housing market.

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Speaker 2: The Labor Party had this policy that was designed to

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Speaker 2: benefit young people and to help first home buyers crack

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Speaker 2: into the market. But what they found was that this

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Speaker 2: policy wasn't popular with voters across all age groups, so

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Speaker 2: they dumped it for.

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Speaker 5: The upcoming election.

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Speaker 2: In this example of negative gearing, what we've ended up

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Speaker 2: with is a situation where the major parties, regardless of

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Speaker 2: what they actually believe in is the right policy, will

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Speaker 2: only go to an election with policies they think they

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Speaker 2: can win with. In this case, it means we're missing

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Speaker 2: out on a policy that would really help young people.

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Speaker 2: So my question to Jason Clair is what will labor

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Speaker 2: offer instead.

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Speaker 12: The problem hasn't gone away, but the problem that we

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Speaker 12: were trying to fix was to try to make it

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Speaker 12: easier for young people to buy a home.

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Speaker 3: That hasn't got easier in the last three years.

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Speaker 12: In fact, it's got harder as those prices for housing

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Speaker 12: have gone up, as rents have gone up, and as

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Speaker 12: wages have remained flat. But there are other ways to

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Speaker 12: be able to fix this, to shift the dial to

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Speaker 12: help young people to buy a home. That's what we're

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Speaker 12: working on right now. We'll have more to say about

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Speaker 12: that in the election next year.

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Speaker 2: So removing negative gearing completely what would the Labor Party

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Speaker 2: do if they are elected at the next election. For

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Speaker 2: young people trying to enter the housing market, well, I.

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Speaker 12: Think there's lots that we need to do. Starts with

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Speaker 12: the federal government playing a leadership role here. Believe it

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Speaker 12: or not, the federal government Housing Minister doesn't even meet

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Speaker 12: with state government housing ministers or local governments to talk

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Speaker 12: about what are some of the solutions to make housing

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Speaker 12: more affordable, and so much of the solution lies with

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Speaker 12: what state governments and local governments do. You need the

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Speaker 12: federal government working with state governments looking at how you

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Speaker 12: can make changes to planning laws and releasing land to

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Speaker 12: be made available for housing if you're going to fix this,

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Speaker 12: and you also need the federal government to be more

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Speaker 12: involved in actually builduilding housing, building affordable housing. And the

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Speaker 12: current federal government puts its hands up and says, no,

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Speaker 12: that's not its job, that it's just the state government's

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Speaker 12: job to do that. I think that's wrong. We've said

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Speaker 12: if we win the next election, we'll set up a

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Speaker 12: ten billion dollar fund called the Housing Australian Future Fund.

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Speaker 3: It's ten billion.

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Speaker 12: Dollars, it's invested and the dividend from that the revenue

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Speaker 12: that it makes is used to invest in building affordable

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Speaker 12: housing and social housing.

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Speaker 2: Now let's look at what Volinsky believes an ideal housing

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Speaker 2: policy would look like. As you're about to hear, Folinsky

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Speaker 2: suggests building new houses on new land and making them

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Speaker 2: affordable rather than bringing down the prices of existing houses

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Speaker 2: in really popular locations.

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Speaker 11: Planning laws are probably the first place to begin. The

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Speaker 11: second place to begin is probably something around demand incentives.

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Speaker 10: So how you actually incentivize people into.

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Speaker 11: The housing market and what that looks like, and how

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Speaker 11: you can ensure that that's actually benefiting by that you

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Speaker 11: want to get into the housing market as opposed to

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Speaker 11: vendors who are trying to sell them houses. And it

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Speaker 11: also probably needs to be less centrally planned as well.

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Speaker 11: Like I totally understand that planers are trying to make

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Speaker 11: sure that we have very livable areas, sustainable housing, etc.

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Speaker 11: And that's important, but I think that they have a

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Speaker 11: stepped over.

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Speaker 13: The mark a lot as well, and they end up

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Speaker 13: in a situation where we start dictating to people what

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Speaker 13: sort of houses they'll be living in rather than listening

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Speaker 13: to them about what sort.

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Speaker 10: Of houses they want to live in.

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Speaker 11: And it may not be what we think is in

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Speaker 11: their best interests, but ultimately it's.

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Speaker 10: Up to them.

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Speaker 2: What Folinsky is talking about here is zooming out on

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Speaker 2: the issue. The solution being posed is essentially about drawing

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Speaker 2: people away from the big metropolitan centers where housing is

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Speaker 2: super expensive and attracting them to regional centers that are

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Speaker 2: just as good to live in. But everyone knows there

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Speaker 2: needs to be attractive employment of tunities and resources like schools,

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Speaker 2: hospitals and shops, just like in the big cities, and

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Speaker 2: it's up to the government to incentivize that. For example,

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Speaker 2: we've seen a lot of investment into orange in regional

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Speaker 2: New South Wales with the development of startup hubs and

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Speaker 2: business centers. It's fair to say, though, it's going to

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Speaker 2: take a lot more funding to attract some major companies

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Speaker 2: with thousands of staff to relocate away from a metro center.

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Speaker 2: So where does this leave us as young people? Ultimately

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Speaker 2: we're being told that if we want to enter the

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Speaker 2: housing market and not pay a million dollars for our

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Speaker 2: first one bedroom apartment, we have to look where the

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00:23:36,520 --> 00:23:40,320
Speaker 2: government is supporting affordable housing programs, which tends to be

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Speaker 2: in regional areas.

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Speaker 5: When I put this to Courtney.

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Speaker 2: It was interesting to hear her consider it, but ultimately

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00:23:47,160 --> 00:23:50,959
Speaker 2: she said, should want to return to the city.

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Speaker 4: Yeah, yeah, I don't know about moving, but I would definitely,

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Speaker 4: I mean to be like, to be honest, like the

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Speaker 4: idea of being in a property for six months to

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00:24:00,160 --> 00:24:03,680
Speaker 4: meet that minimum requirement to then turn it into an

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Speaker 4: investment or something like that is a really attractive idea.

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Speaker 4: But yeah, I think I think people are finding them well,

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00:24:10,800 --> 00:24:12,119
Speaker 4: people like me. Or if I have a look and

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Speaker 4: what's in my budget and that's six hundred and fifty

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00:24:14,320 --> 00:24:17,199
Speaker 4: thousand dollar budget, it's way up, like way way up

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Speaker 4: the coast, or way not even out west, it's much further,

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Speaker 4: and yeah, then it just becomes like, you know, could

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Speaker 4: the money that I've saved for a deposit be better

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00:24:27,480 --> 00:24:31,040
Speaker 4: used to make other opportunities more viable?

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Speaker 10: I guess.

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Speaker 2: So where have we landed with this hot election topic?

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Speaker 2: To sum it up, currently, the government has schemes that

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Speaker 2: are designed to help young people enter the housing market,

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00:24:44,160 --> 00:24:46,840
Speaker 2: but there are only limited spots and those schemes also

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00:24:46,880 --> 00:24:50,000
Speaker 2: don't help the driving factors that are causing housing prices

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Speaker 2: to surge. On the opposition side, Labor says they will

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00:24:53,920 --> 00:24:56,680
Speaker 2: remove those caps and will also focus on building more

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Speaker 2: affordable housing for those in lower socioeconomic era. And this

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00:25:01,359 --> 00:25:03,760
Speaker 2: is all playing out against the backdrop of a seemingly

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00:25:03,840 --> 00:25:07,760
Speaker 2: unstoppable housing market. But my key takeaway is that housing

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Speaker 2: market policies that are popular with young people aren't necessarily

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Speaker 2: popular with older generations, and this does kind of make

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00:25:15,800 --> 00:25:18,600
Speaker 2: sense considering they make up a larger portion of the

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00:25:18,680 --> 00:25:21,679
Speaker 2: voter base. There are less voters between the ages of

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00:25:21,720 --> 00:25:24,679
Speaker 2: eighteen to thirty five than there are voters who are

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00:25:24,680 --> 00:25:28,959
Speaker 2: thirty five to one hundred. Gutsy economic reform is a

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00:25:28,960 --> 00:25:31,359
Speaker 2: tough platform to take to the polls and we'll have

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Speaker 2: to wait to see if either party listens to the

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Speaker 2: concerns of young voters priced out of the housing market.

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Speaker 5: But it's not all bad news.

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Speaker 2: This election will be looking closely for talk about intergenerational injustice,

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00:25:44,440 --> 00:25:48,240
Speaker 2: which is something we're hearing more and more about. Just recently,

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Speaker 2: the CEO of the Gradden Institute called for a parliamentary

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00:25:51,280 --> 00:25:56,040
Speaker 2: inquiry into intergenerational fairness. So perhaps the Australian dream can

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00:25:56,119 --> 00:26:00,679
Speaker 2: be brought back to life. Thank you so much for

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Speaker 2: listening to this episode of Young, Dumb and Informed if

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Speaker 2: you liked this episode, send it to your friends, put

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Speaker 2: it on your Instagram story, or subscribe to wherever you're listening.

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