1 00:00:10,204 --> 00:00:13,484 Speaker 1: My Heart podcasts, hear more Gold one on one point 2 00:00:13,524 --> 00:00:15,204 Speaker 1: seven podcasts. 3 00:00:14,604 --> 00:00:17,724 Speaker 2: Playlists and listen live on the free iHeart app. 4 00:00:19,084 --> 00:00:21,004 Speaker 3: And Amanda jam Nation. 5 00:00:21,404 --> 00:00:24,043 Speaker 1: Learning a home has long been tipped to be the 6 00:00:24,084 --> 00:00:27,844 Speaker 1: Australian dream. Is it the Australian dream? And is it 7 00:00:27,964 --> 00:00:31,644 Speaker 1: unrealistic to still have this as the Australian dream. This 8 00:00:31,764 --> 00:00:34,404 Speaker 1: is all being explored in a new docu series called 9 00:00:34,564 --> 00:00:38,764 Speaker 1: sold Who Broke the Australian Dream by Mark Humphrey's. 10 00:00:38,364 --> 00:00:41,684 Speaker 3: Mark I Oh, Hello, Amanda and Jersey Hello. 11 00:00:42,204 --> 00:00:45,244 Speaker 1: So I remember was it a couple of years ago 12 00:00:45,284 --> 00:00:48,043 Speaker 1: were you in passing mentioned publicly that you were renting 13 00:00:48,324 --> 00:00:51,404 Speaker 1: and people were shocked and almost outraged if you hadn't 14 00:00:51,564 --> 00:00:52,524 Speaker 1: entered the housing market. 15 00:00:52,524 --> 00:00:54,924 Speaker 3: They were annoyed at me, just like it was some 16 00:00:54,964 --> 00:00:57,644 Speaker 3: sort of failing on my part. And I just think that, 17 00:00:57,724 --> 00:01:00,044 Speaker 3: you know, there's a third of us are renters, and 18 00:01:00,244 --> 00:01:03,124 Speaker 3: for many people it is just becoming, Yes, beyond the dream. 19 00:01:03,164 --> 00:01:05,924 Speaker 3: It's a fantasy. It's just not You just used to 20 00:01:05,964 --> 00:01:07,804 Speaker 3: feel like, oh, it's going to be really hard to 21 00:01:07,804 --> 00:01:09,964 Speaker 3: get there, but now it feels like, oh, I should 22 00:01:09,964 --> 00:01:12,284 Speaker 3: just give up. So and there's no amount of coffees 23 00:01:12,404 --> 00:01:14,924 Speaker 3: or avocado toasts that I can stop eating. That is 24 00:01:14,964 --> 00:01:17,164 Speaker 3: going to get me across the line. And so yeah, 25 00:01:17,164 --> 00:01:18,124 Speaker 3: it really is bleak out there. 26 00:01:18,124 --> 00:01:18,203 Speaker 2: Now. 27 00:01:18,244 --> 00:01:19,923 Speaker 3: If you own a home, you kind of once you've 28 00:01:19,924 --> 00:01:22,124 Speaker 3: crossed that threshold, you sort of got that relief, but 29 00:01:22,364 --> 00:01:26,324 Speaker 3: there's still this sizeable chunk of Australians for whom it's 30 00:01:26,364 --> 00:01:27,524 Speaker 3: really really bleak. 31 00:01:27,524 --> 00:01:30,444 Speaker 2: Psychologically though it's getting over that hurdle. I remember when 32 00:01:30,484 --> 00:01:32,364 Speaker 2: I was young, I didn't think I would ever buy 33 00:01:32,364 --> 00:01:34,124 Speaker 2: a house. I didn't think and that was back in 34 00:01:34,164 --> 00:01:37,164 Speaker 2: the nineties, and I always thought that, wow, I'm not 35 00:01:37,164 --> 00:01:38,764 Speaker 2: going to matter afford a house. It's not going to 36 00:01:38,804 --> 00:01:41,324 Speaker 2: happen for me. And then I remember I bought a 37 00:01:41,324 --> 00:01:43,684 Speaker 2: house in Brisbane which was cheap. And then when we 38 00:01:43,724 --> 00:01:46,443 Speaker 2: came to Sydney back home, I remember buying this house 39 00:01:46,764 --> 00:01:48,964 Speaker 2: and it was like three hundred and eighty seven thousand. 40 00:01:49,004 --> 00:01:52,044 Speaker 2: I said, that's the most money that you could and 41 00:01:52,084 --> 00:01:53,924 Speaker 2: I remember thinking, we're going to be eating two minute 42 00:01:53,964 --> 00:01:56,724 Speaker 2: noodles for the rest of our lives. But it's a 43 00:01:56,844 --> 00:01:59,724 Speaker 2: psychological step. And then someone said to me, they said, 44 00:02:00,124 --> 00:02:03,124 Speaker 2: the bank doesn't want to repossess your home. The bank 45 00:02:03,244 --> 00:02:08,404 Speaker 2: is using you to increase their wealth because you're buying 46 00:02:08,404 --> 00:02:08,764 Speaker 2: the house. 47 00:02:09,684 --> 00:02:10,124 Speaker 3: Is that true? 48 00:02:10,364 --> 00:02:10,524 Speaker 1: Well? 49 00:02:10,564 --> 00:02:12,204 Speaker 3: I mean well, I mean you know, as a rental 50 00:02:12,284 --> 00:02:15,084 Speaker 3: you go from paying off someone else's mortgage to then 51 00:02:15,444 --> 00:02:18,243 Speaker 3: a homeowner and paying the bank. You're helping them out, 52 00:02:18,284 --> 00:02:21,684 Speaker 3: so no one's winning, you know. That's the thing. It's 53 00:02:21,724 --> 00:02:22,764 Speaker 3: a rough across the board. 54 00:02:22,923 --> 00:02:25,003 Speaker 1: My husband used to work for The Money Show years 55 00:02:25,043 --> 00:02:27,244 Speaker 1: ago as a producer, and one of the things that 56 00:02:27,284 --> 00:02:29,644 Speaker 1: Paul Clitheroe, the host, used to say that, yes, if 57 00:02:29,644 --> 00:02:32,004 Speaker 1: you're not going to buy a house, that's fine, that's absolutely, 58 00:02:32,043 --> 00:02:36,324 Speaker 1: but put some money aside because what your house is 59 00:02:36,324 --> 00:02:40,084 Speaker 1: is supposedly a nest egg when you're no longer earning 60 00:02:40,163 --> 00:02:43,404 Speaker 1: a living. Is that still how that is seen? 61 00:02:43,524 --> 00:02:46,123 Speaker 3: Well? I think I think people the attitude that I've 62 00:02:46,163 --> 00:02:48,124 Speaker 3: seen in terms of people that have been looking to 63 00:02:48,124 --> 00:02:50,524 Speaker 3: buy or people who have bought, is that, yes, they 64 00:02:50,644 --> 00:02:53,404 Speaker 3: expect that this is something that will increase in value. 65 00:02:53,603 --> 00:02:54,804 Speaker 3: And I think this is what we sort of talk 66 00:02:54,844 --> 00:02:57,444 Speaker 3: about in the documentary, that this is something This idea 67 00:02:57,564 --> 00:03:01,324 Speaker 3: of that housing must go up is almost really a 68 00:03:01,363 --> 00:03:04,203 Speaker 3: sickness that has taken hold in the last twenty five 69 00:03:04,284 --> 00:03:06,524 Speaker 3: years or so since some changes were made to some 70 00:03:06,684 --> 00:03:09,364 Speaker 3: tax incentives, and it's become so ingrained now that we 71 00:03:09,444 --> 00:03:10,964 Speaker 3: just think that's a standard thing that you buy a 72 00:03:10,964 --> 00:03:14,364 Speaker 3: house and the value goes up. But obviously that is 73 00:03:14,363 --> 00:03:16,964 Speaker 3: not a sustainable system for people who are trying to 74 00:03:17,404 --> 00:03:18,244 Speaker 3: enter the housing Well. 75 00:03:18,124 --> 00:03:19,524 Speaker 2: There was a guy that said it. His name was 76 00:03:19,524 --> 00:03:21,844 Speaker 2: Harvey Dent. No, hang on, that's a bad guy from Badman, 77 00:03:22,004 --> 00:03:23,923 Speaker 2: isn't it. Anyway, there was a dude that has been 78 00:03:23,964 --> 00:03:27,204 Speaker 2: saying the Australian pro pricing or house bubble is going 79 00:03:27,204 --> 00:03:29,404 Speaker 2: to burst. So he was saying that that for. 80 00:03:29,363 --> 00:03:32,404 Speaker 3: You exactly, I'm still waiting for Yeah. 81 00:03:32,324 --> 00:03:33,924 Speaker 2: But so what will happen when they get to a 82 00:03:33,964 --> 00:03:36,444 Speaker 2: point where all of a sudden houses won't be worth anything? 83 00:03:36,644 --> 00:03:36,804 Speaker 1: No? 84 00:03:36,884 --> 00:03:40,884 Speaker 3: I mean I really ideally we would slowly because you 85 00:03:40,884 --> 00:03:42,844 Speaker 3: don't want to crash the housing market. I mean that 86 00:03:43,084 --> 00:03:46,004 Speaker 3: doesn't benefit us. But the idea of slowly just pairing 87 00:03:46,004 --> 00:03:49,243 Speaker 3: it back so that houses ideally would just remain static, 88 00:03:49,284 --> 00:03:52,444 Speaker 3: you know, or not certainly not be advancing at the 89 00:03:52,803 --> 00:03:55,803 Speaker 3: astonishing rate that we've seen in recent years. So yeah, 90 00:03:55,924 --> 00:03:58,444 Speaker 3: it's not about suddenly wanting all housing to suddenly go 91 00:03:58,484 --> 00:04:01,604 Speaker 3: down twenty percent, But realistically we need to just make 92 00:04:01,684 --> 00:04:04,284 Speaker 3: changes foreign ownership. 93 00:04:04,404 --> 00:04:06,364 Speaker 2: Wouldn't you think like if old mate from China comes 94 00:04:06,404 --> 00:04:08,244 Speaker 2: over here and buys up sixteen houses. 95 00:04:08,284 --> 00:04:11,204 Speaker 3: I mean, you know, if you in this documentary, that 96 00:04:11,604 --> 00:04:14,564 Speaker 3: issue is so all these sort of hot button issues 97 00:04:14,764 --> 00:04:17,964 Speaker 3: foreign investment, immigration, they're all covered in the documentary. I 98 00:04:18,004 --> 00:04:20,124 Speaker 3: can answer those questions now, or I can provide a 99 00:04:20,124 --> 00:04:23,044 Speaker 3: little bit of sizzel and tell people to get to 100 00:04:23,084 --> 00:04:24,004 Speaker 3: Ben's and voxtell. 101 00:04:24,764 --> 00:04:27,284 Speaker 1: But is that true? I mean, what can you do 102 00:04:27,724 --> 00:04:32,124 Speaker 1: to stop the constant increase in prices when you said 103 00:04:32,124 --> 00:04:34,924 Speaker 1: if we can manage that, but what are those things? Well? 104 00:04:35,244 --> 00:04:37,444 Speaker 3: I mean, so the thing that we know, one of 105 00:04:37,484 --> 00:04:38,964 Speaker 3: the things that we're looking at with this is in 106 00:04:39,084 --> 00:04:41,764 Speaker 3: terms of yes, there were these changes that were introduced 107 00:04:41,844 --> 00:04:44,644 Speaker 3: regarding negative gearing and capital gains tax about twenty five 108 00:04:44,724 --> 00:04:48,724 Speaker 3: years ago, and that really supercharged the market. So every 109 00:04:48,724 --> 00:04:51,524 Speaker 3: so often you see politicians like Bill Shorten, who's in 110 00:04:51,524 --> 00:04:54,724 Speaker 3: this documentary, we try to make changes to that, but 111 00:04:54,764 --> 00:04:58,404 Speaker 3: it is politically unpopular because the majority of people are homeowners. 112 00:04:58,404 --> 00:05:01,564 Speaker 3: That's about two homeowners to every one renter, and so 113 00:05:01,604 --> 00:05:04,564 Speaker 3: it's not really in the majority of people's best interests 114 00:05:04,924 --> 00:05:07,284 Speaker 3: to have any changes. And so that's The difficult thing 115 00:05:07,284 --> 00:05:08,764 Speaker 3: that we're trying to do with this documentary is kind 116 00:05:08,764 --> 00:05:11,524 Speaker 3: of get everyone to understand that as a society, we 117 00:05:11,604 --> 00:05:14,363 Speaker 3: all suffer if we've got a sort of excuse me, 118 00:05:14,404 --> 00:05:17,803 Speaker 3: sort of underclass of people, especially our essential workers. You know, 119 00:05:17,844 --> 00:05:20,924 Speaker 3: if nurses, if teachers, firefighters, the police, if they can't 120 00:05:20,964 --> 00:05:23,964 Speaker 3: afford to live in the city that they are servicing, 121 00:05:24,244 --> 00:05:26,803 Speaker 3: then we all suffer. So what is the value in 122 00:05:26,844 --> 00:05:28,524 Speaker 3: having a nurse doing a twelve hour shift and then 123 00:05:28,564 --> 00:05:29,644 Speaker 3: have to travel one and a half hours. 124 00:05:30,764 --> 00:05:33,364 Speaker 2: You gave a nurse a fire fighter or a police officer, 125 00:05:33,444 --> 00:05:34,443 Speaker 2: you just say he's a house. 126 00:05:35,324 --> 00:05:38,084 Speaker 3: I mean, can you do that? Is that? Because remember 127 00:05:38,084 --> 00:05:39,484 Speaker 3: when Russell said years. 128 00:05:39,364 --> 00:05:41,004 Speaker 2: Ago, he said, why don't we just give every other 129 00:05:41,124 --> 00:05:43,563 Speaker 2: eton bucks? I remember the time thinking, oh, that sounds 130 00:05:43,564 --> 00:05:44,484 Speaker 2: like a reasonable idea. 131 00:05:44,564 --> 00:05:47,484 Speaker 1: But then you'd get you'd get somebody saying, well, my 132 00:05:47,644 --> 00:05:49,804 Speaker 1: job isn't A nurse isn't or whatever, but I need to. 133 00:05:49,764 --> 00:05:52,884 Speaker 3: Have sure exactly yes, I don't have the answer that. 134 00:05:53,164 --> 00:05:55,004 Speaker 3: It was a very Oprah Winfrey kind of you get. 135 00:05:54,924 --> 00:05:58,804 Speaker 2: A because when she did that car thing, everyone had 136 00:05:58,804 --> 00:06:01,644 Speaker 2: to pay tax on the car, all right, So she 137 00:06:01,764 --> 00:06:03,563 Speaker 2: was doing old made of favor, but all of a sudden, 138 00:06:03,604 --> 00:06:05,243 Speaker 2: the government I r I said, are you I was 139 00:06:05,524 --> 00:06:07,884 Speaker 2: seven grand for the car that you got from open 140 00:06:07,924 --> 00:06:08,324 Speaker 2: I think. 141 00:06:08,324 --> 00:06:10,003 Speaker 3: I remember the the guy who won the first season 142 00:06:10,004 --> 00:06:11,964 Speaker 3: of Survivor. I think got unstuck. You won a million dollars. 143 00:06:11,964 --> 00:06:14,724 Speaker 3: But then there was a huge tax bill. Is terrible. 144 00:06:15,404 --> 00:06:18,204 Speaker 2: You've recently bought property, so how do you feel about that? 145 00:06:18,244 --> 00:06:21,484 Speaker 3: Well, I mean, this is immense relief on one level, 146 00:06:21,484 --> 00:06:23,564 Speaker 3: but then also that feeling of like, okay, so I'm 147 00:06:23,564 --> 00:06:26,524 Speaker 3: thirty nine now, so I'll technically properly own this house 148 00:06:26,604 --> 00:06:30,444 Speaker 3: when I'm seventy, and that's such a bizarre concept. And 149 00:06:30,484 --> 00:06:32,404 Speaker 3: so yes, it's a huge relief to not be, like 150 00:06:32,404 --> 00:06:35,244 Speaker 3: I said, paying off someone else's mortgage. But now, of course, 151 00:06:35,364 --> 00:06:38,204 Speaker 3: you know, every homeowner knows how much you're agonizing over 152 00:06:38,244 --> 00:06:40,924 Speaker 3: interest rates. You saw how when the Reserve Bank kept 153 00:06:40,964 --> 00:06:43,084 Speaker 3: them on hold, that there was all this agony or 154 00:06:43,124 --> 00:06:46,164 Speaker 3: we were expecting a rate cut, and so you're suddenly 155 00:06:46,484 --> 00:06:48,124 Speaker 3: you know that you're now at the mercy of that 156 00:06:48,284 --> 00:06:50,724 Speaker 3: process as well. So it's just it's just not working 157 00:06:50,724 --> 00:06:53,683 Speaker 3: for anyone. We're also and distressed. This is a funny documentary. 158 00:06:53,684 --> 00:06:56,484 Speaker 3: I'm gonna quite worked up, but it is. There are jokes, 159 00:06:56,684 --> 00:06:58,404 Speaker 3: it's sort of it helps the medicine go down. 160 00:06:58,564 --> 00:07:01,884 Speaker 2: Wow, welcome to the party, pal. It's a great show. 161 00:07:02,004 --> 00:07:04,484 Speaker 2: Solt Who Broke the Australian Dream is out now on 162 00:07:04,564 --> 00:07:07,244 Speaker 2: Binge and Fox. Tell Mark Humphrey's sec for Jodi us Oh. 163 00:07:07,284 --> 00:07:08,363 Speaker 3: Jersey and Amanda. What a thrill. 164 00:07:08,444 --> 00:07:08,644 Speaker 1: Thank you.