1 00:00:01,080 --> 00:00:03,360 Speaker 1: My name is Lily Maddon and I'm a proud Arunda 2 00:00:03,600 --> 00:00:08,400 Speaker 1: Bunjelung Calcottin woman from Gadighl Country. The Daily oz acknowledges 3 00:00:08,480 --> 00:00:10,639 Speaker 1: that this podcast is recorded on the lands of the 4 00:00:10,680 --> 00:00:14,200 Speaker 1: Gadighl people and pays respect to all Aboriginal and Torres 5 00:00:14,240 --> 00:00:17,159 Speaker 1: Strait Island and nations. We pay our respects to the 6 00:00:17,160 --> 00:00:19,959 Speaker 1: first peoples of these countries, both past and present. 7 00:00:25,760 --> 00:00:28,760 Speaker 2: Good morning and welcome to the Daily os. It is Tuesday, 8 00:00:28,800 --> 00:00:29,680 Speaker 2: the fourth of April. 9 00:00:29,760 --> 00:00:31,000 Speaker 3: I'm Zara, I'm Sam. 10 00:00:31,200 --> 00:00:34,280 Speaker 2: If you've been feeling the burn of rising rental watching 11 00:00:34,320 --> 00:00:37,280 Speaker 2: property prices pick up, well we are here to be 12 00:00:37,360 --> 00:00:40,199 Speaker 2: the bearer of more bad news. Australia is set to 13 00:00:40,240 --> 00:00:43,200 Speaker 2: see the housing shortage worsen by one hundred and six 14 00:00:43,320 --> 00:00:46,720 Speaker 2: thousand dwellings by twenty twenty seven. That's due to a 15 00:00:46,760 --> 00:00:51,200 Speaker 2: combination of factors like population growth, construction costs and even 16 00:00:51,240 --> 00:00:53,960 Speaker 2: the weather. So what's gone wrong and what's the government 17 00:00:54,000 --> 00:00:56,640 Speaker 2: doing about it? Well? Tom will be bringing us some 18 00:00:56,720 --> 00:00:59,480 Speaker 2: of the answers in today's deep dive, But first Sam 19 00:00:59,520 --> 00:01:00,680 Speaker 2: take us through the headlines. 20 00:01:07,160 --> 00:01:11,000 Speaker 3: Legendary land rights fighter and young elder Yunupingu has died 21 00:01:11,080 --> 00:01:14,120 Speaker 3: age seventy four. He was a leading First Nation's political 22 00:01:14,160 --> 00:01:16,280 Speaker 3: figure and was named the Australian of the Year in 23 00:01:16,400 --> 00:01:20,120 Speaker 3: nineteen seventy eight. Prime Instant and the Albanezi said Unupingu 24 00:01:20,319 --> 00:01:23,360 Speaker 3: left such great footsteps for us to follow, with Indigenous 25 00:01:23,360 --> 00:01:26,560 Speaker 3: Australians Minister Linda Burney saying that Australia had lost a 26 00:01:26,600 --> 00:01:27,760 Speaker 3: giant with his passing. 27 00:01:29,560 --> 00:01:32,520 Speaker 2: The Federal Liberal Party will meet tomorrow to decide its 28 00:01:32,520 --> 00:01:35,119 Speaker 2: position on the Voice to Parliament, which will of course 29 00:01:35,160 --> 00:01:38,720 Speaker 2: be the subject of a referendum later this year. Shadow 30 00:01:38,760 --> 00:01:42,920 Speaker 2: Indigenous Australians Minister Julian Lisa confirmed the meeting while speaking 31 00:01:42,959 --> 00:01:46,319 Speaker 2: at the National Press Club yesterday. Labour and the Greens 32 00:01:46,319 --> 00:01:49,120 Speaker 2: support the Voice, while the Nationals, who are the Liberals 33 00:01:49,240 --> 00:01:50,960 Speaker 2: coalition partner, oppose it. 34 00:01:53,240 --> 00:01:56,200 Speaker 3: Twitter has started removing the blue ticks from accounts that 35 00:01:56,240 --> 00:02:00,000 Speaker 3: were granted verification before Elon Musk bought the company last year. 36 00:02:00,120 --> 00:02:00,280 Speaker 1: Year. 37 00:02:00,840 --> 00:02:03,720 Speaker 3: Verification badges will only be provided to use as signed 38 00:02:03,800 --> 00:02:06,400 Speaker 3: up to Twitter Blue, which is the monthly paid subscription 39 00:02:06,520 --> 00:02:10,080 Speaker 3: service for users Devastating and to organizations who pay a 40 00:02:10,080 --> 00:02:13,480 Speaker 3: subscription fee. Zara, I've confirmed your Blue tique is still there. 41 00:02:13,840 --> 00:02:16,920 Speaker 3: Twitter announced they'd be removing legacy check marks from the 42 00:02:16,960 --> 00:02:19,360 Speaker 3: first of April, with the badges from accounts such as 43 00:02:19,400 --> 00:02:24,120 Speaker 3: The New York Times already taken off. 44 00:02:23,680 --> 00:02:27,600 Speaker 2: And the good news. Overall payments for Australia's women's cricket 45 00:02:27,600 --> 00:02:30,440 Speaker 2: team will rise from eighty million to one hundred and 46 00:02:30,480 --> 00:02:33,840 Speaker 2: thirty three million over the term of a five year agreement. 47 00:02:34,120 --> 00:02:36,720 Speaker 2: Under the new deal, Women's Big Bash League contracts for 48 00:02:36,800 --> 00:02:39,240 Speaker 2: players not on the national team will increase more than 49 00:02:39,280 --> 00:02:44,799 Speaker 2: one hundred and fifty thousand dollars annually. Tom, welcome back 50 00:02:44,800 --> 00:02:45,800 Speaker 2: to the pod. How are you. 51 00:02:46,120 --> 00:02:47,919 Speaker 4: I'm great, Thanks, Sarah, It's good to be here. 52 00:02:47,960 --> 00:02:50,840 Speaker 2: So, Tom, there are a few constants in our life. 53 00:02:50,840 --> 00:02:51,680 Speaker 2: There's taxes. 54 00:02:52,720 --> 00:02:53,880 Speaker 3: I forgot what the other thing is. 55 00:02:54,280 --> 00:02:57,400 Speaker 2: Yes, there's taxes, there's death, and there's you bringing us 56 00:02:57,520 --> 00:02:59,000 Speaker 2: bad news on the podcasts. 57 00:02:59,680 --> 00:03:02,800 Speaker 4: Yeah, sometimes about taxes and death. In fact, exactly neither 58 00:03:02,840 --> 00:03:05,040 Speaker 4: of those today those are here to talk about housing 59 00:03:05,160 --> 00:03:07,800 Speaker 4: and probably not surprising. There's not much good news there. 60 00:03:07,720 --> 00:03:10,799 Speaker 2: No, but there is news. So talk me through why 61 00:03:11,000 --> 00:03:13,320 Speaker 2: today we are discussing housing on the pod. 62 00:03:13,560 --> 00:03:16,600 Speaker 4: Yeah. So, yesterday's aarrah. We got a new report from 63 00:03:16,800 --> 00:03:20,480 Speaker 4: the government Housing agency called the NIFIK, the National Housing 64 00:03:20,600 --> 00:03:23,799 Speaker 4: Finance and Investment Corporation. I think that there are kind 65 00:03:23,800 --> 00:03:26,400 Speaker 4: of two really interesting things about it. One was that 66 00:03:26,480 --> 00:03:29,120 Speaker 4: it spelled out really clearly all of the different things 67 00:03:29,120 --> 00:03:31,160 Speaker 4: that are going wrong at our present moment when it 68 00:03:31,200 --> 00:03:33,760 Speaker 4: comes to housing and b and this is the extra 69 00:03:33,800 --> 00:03:35,720 Speaker 4: bit of bad news, just to kind of rub salt 70 00:03:35,800 --> 00:03:39,200 Speaker 4: into our wounds. It made the rather alarming prediction that 71 00:03:39,240 --> 00:03:41,520 Speaker 4: things are going to get worse over the next decade 72 00:03:41,520 --> 00:03:43,640 Speaker 4: in our housing market before they get better. So it 73 00:03:43,720 --> 00:03:45,640 Speaker 4: told us that at the moment, there are more than 74 00:03:45,680 --> 00:03:48,920 Speaker 4: three hundred thousand people in Australia who are in severe 75 00:03:49,080 --> 00:03:51,800 Speaker 4: rental stress. So those are people, you know, who are 76 00:03:51,800 --> 00:03:54,800 Speaker 4: on low incomes who are paying a big chunk of 77 00:03:54,880 --> 00:03:57,440 Speaker 4: that income to just kind of pay for their basic 78 00:03:57,480 --> 00:04:00,880 Speaker 4: housing needs. There are nearly fifty thousand people who are homeless. 79 00:04:01,360 --> 00:04:03,640 Speaker 4: There are another two hundred thousand people who are at 80 00:04:03,720 --> 00:04:07,040 Speaker 4: least under some sort of mild rental pressure. So that's 81 00:04:07,080 --> 00:04:10,520 Speaker 4: adding up to half a million Australians in pretty dire straits. 82 00:04:10,520 --> 00:04:12,640 Speaker 4: And of course many more of us struggling in various 83 00:04:12,680 --> 00:04:14,920 Speaker 4: ways and seeing our budgets stretch more than they have 84 00:04:15,040 --> 00:04:18,159 Speaker 4: been in the past, so we know all that, but 85 00:04:18,240 --> 00:04:20,240 Speaker 4: as I say, this report also tells us that things 86 00:04:20,279 --> 00:04:22,960 Speaker 4: are about to get worse. So the NiFi projects that 87 00:04:23,240 --> 00:04:25,880 Speaker 4: over the next decade we'll see about one point eight 88 00:04:25,960 --> 00:04:29,119 Speaker 4: million homes to be built, which sounds in one sense 89 00:04:29,240 --> 00:04:31,800 Speaker 4: like a big number, but what they say is that 90 00:04:31,839 --> 00:04:34,320 Speaker 4: they expect that that's going to be lower than the 91 00:04:34,360 --> 00:04:37,160 Speaker 4: growth in demand for housing, the growth in how much 92 00:04:37,200 --> 00:04:39,720 Speaker 4: housing we need. And so when you make that comparison 93 00:04:39,760 --> 00:04:41,800 Speaker 4: between how much housing we have and how much housing 94 00:04:41,839 --> 00:04:44,400 Speaker 4: we need, we already have a gap. But then Iffix 95 00:04:44,440 --> 00:04:46,320 Speaker 4: says that gap is going to get even bigger over 96 00:04:46,360 --> 00:04:49,360 Speaker 4: the next decade, to the tune of about eighty thousand houses. 97 00:04:49,760 --> 00:04:52,440 Speaker 4: So I suppose, yeah, I mean it is there's not 98 00:04:52,480 --> 00:04:53,960 Speaker 4: really any kind of way to dress this up and 99 00:04:53,960 --> 00:04:55,839 Speaker 4: make it sound like good news. We already know what 100 00:04:55,880 --> 00:04:58,440 Speaker 4: a problem this is, and yeah, you know it's potentially 101 00:04:58,440 --> 00:05:00,040 Speaker 4: going to get even worse over the next decade what 102 00:05:00,080 --> 00:05:00,559 Speaker 4: we're learning. 103 00:05:00,720 --> 00:05:04,960 Speaker 2: So you're painting a pretty dire picture there, Tom. Can 104 00:05:05,000 --> 00:05:08,000 Speaker 2: you just walk us through exactly, because I think when 105 00:05:08,040 --> 00:05:12,320 Speaker 2: we have these big conversations about big crises, it's difficult 106 00:05:12,400 --> 00:05:15,200 Speaker 2: to kind of decipher what exactly has gone wrong, but 107 00:05:15,720 --> 00:05:18,640 Speaker 2: this report does that in a very clear way. What 108 00:05:18,720 --> 00:05:19,440 Speaker 2: does it tell us? 109 00:05:19,600 --> 00:05:21,599 Speaker 4: So I think, I mean, whenever we talk about housing, 110 00:05:21,960 --> 00:05:24,880 Speaker 4: there's kind of I guess two different sides of the 111 00:05:24,920 --> 00:05:27,400 Speaker 4: problem that we can focus on. There is the supply 112 00:05:27,520 --> 00:05:30,280 Speaker 4: of housing, how much is available, and there is the 113 00:05:30,320 --> 00:05:33,279 Speaker 4: demand for housing, which is how much we need. And 114 00:05:33,560 --> 00:05:36,560 Speaker 4: this SNIFIC report has some specific things to tell us 115 00:05:36,560 --> 00:05:39,360 Speaker 4: about what's going wrong on both of those sides. Maybe 116 00:05:39,400 --> 00:05:42,800 Speaker 4: I'll start with supply, and I guess the headline issue 117 00:05:42,839 --> 00:05:46,240 Speaker 4: is it's just really difficult to build houses in Australia. 118 00:05:46,320 --> 00:05:48,400 Speaker 4: So there are a lot of kind of planning and 119 00:05:48,440 --> 00:05:51,039 Speaker 4: approval barriers. It takes a long time to get approval 120 00:05:51,080 --> 00:05:53,800 Speaker 4: to build new housing, and you get a lot of 121 00:05:53,839 --> 00:05:56,960 Speaker 4: objections from local residents in places where people want to 122 00:05:57,000 --> 00:06:00,400 Speaker 4: live to more housing. And so that's this big, big 123 00:06:00,400 --> 00:06:02,520 Speaker 4: issue in the planning system is we're just simply not 124 00:06:02,600 --> 00:06:05,920 Speaker 4: able to build as much housing in cities, particularly in 125 00:06:05,920 --> 00:06:09,440 Speaker 4: inner areas in cities as people would like. It's contributing 126 00:06:09,440 --> 00:06:11,720 Speaker 4: to problems of sprawl, but it also has that implication 127 00:06:11,800 --> 00:06:14,920 Speaker 4: for housing prices. But then there's also an issue, quite 128 00:06:14,920 --> 00:06:17,680 Speaker 4: a big issue facing the construction industry at the moment, 129 00:06:17,839 --> 00:06:20,360 Speaker 4: So there's kind of a number of aspects to it. 130 00:06:20,400 --> 00:06:23,480 Speaker 4: For one thing, these lengthy approval processes are pretty difficult 131 00:06:23,680 --> 00:06:27,039 Speaker 4: and create a lot of uncertainty for construction companies. For 132 00:06:27,080 --> 00:06:28,920 Speaker 4: another thing, just like a lot of other prices are 133 00:06:28,920 --> 00:06:31,360 Speaker 4: going up, the price of building materials is that kind 134 00:06:31,400 --> 00:06:33,679 Speaker 4: of record highs at the moment, So that's really difficult 135 00:06:33,720 --> 00:06:36,680 Speaker 4: for construction companies. And then would you believe the weather. 136 00:06:37,000 --> 00:06:40,080 Speaker 4: We've had two or three summers of le Nina weather, 137 00:06:40,160 --> 00:06:42,479 Speaker 4: a lot more rainfall than we normally would and pretty 138 00:06:42,480 --> 00:06:45,120 Speaker 4: simply when it rains, you can't build houses. It's just 139 00:06:45,200 --> 00:06:48,159 Speaker 4: not safe. So interesting, Yeah, so all sorts of things 140 00:06:48,240 --> 00:06:50,480 Speaker 4: are conspiring against us. I guess it's kind of literally 141 00:06:50,480 --> 00:06:53,040 Speaker 4: a perfect storm that is just making it so much 142 00:06:53,080 --> 00:06:55,440 Speaker 4: harder to even build. So so there's the issue of 143 00:06:55,520 --> 00:06:57,720 Speaker 4: not being able to kind of get approval to build houses. 144 00:06:57,720 --> 00:07:00,400 Speaker 4: But then there's the issue of actual delays in building 145 00:07:00,440 --> 00:07:01,000 Speaker 4: the houses. 146 00:07:01,320 --> 00:07:03,840 Speaker 2: I think it's fascinating to hear that, and it's part 147 00:07:03,880 --> 00:07:07,240 Speaker 2: of the housing crisis that I hadn't rightly or wrongly 148 00:07:07,279 --> 00:07:10,960 Speaker 2: considered properly. So so interesting to hear that. But so 149 00:07:11,000 --> 00:07:14,280 Speaker 2: that's talking all about supply. There if we turned to demand, 150 00:07:14,320 --> 00:07:16,760 Speaker 2: which is the other side of this equation, what did 151 00:07:16,880 --> 00:07:18,080 Speaker 2: the report tell us about that? 152 00:07:18,240 --> 00:07:21,000 Speaker 4: Yeah, so I think maybe the first thing to say 153 00:07:21,000 --> 00:07:24,200 Speaker 4: on demand is that we have I guess a bit 154 00:07:24,240 --> 00:07:26,920 Speaker 4: of a sugar hit that's come to us after COVID 155 00:07:26,920 --> 00:07:28,520 Speaker 4: for a couple of reasons. So, for a number of 156 00:07:28,560 --> 00:07:32,240 Speaker 4: reasons in COVID, there wasn't as much demand for people 157 00:07:32,320 --> 00:07:34,760 Speaker 4: to be moving into new houses. One was that there 158 00:07:34,760 --> 00:07:36,600 Speaker 4: was no migration. We had a pause on that, and so, 159 00:07:36,680 --> 00:07:39,160 Speaker 4: for example, a whole bunch of international students who come 160 00:07:39,200 --> 00:07:41,160 Speaker 4: to our universities and need to rent housing. You know, 161 00:07:41,200 --> 00:07:43,880 Speaker 4: that all disappeared during COVID. Now a lot of that 162 00:07:44,000 --> 00:07:46,160 Speaker 4: is coming back online, and so that's creating a bit 163 00:07:46,200 --> 00:07:49,240 Speaker 4: more pressure. But there's also a shift that kind of 164 00:07:49,280 --> 00:07:52,120 Speaker 4: relates to COVID in the kind of houses that we 165 00:07:52,160 --> 00:07:54,480 Speaker 4: want to live in. So many of us have experienced 166 00:07:54,520 --> 00:07:57,040 Speaker 4: working from home for the first time. Many of us 167 00:07:57,040 --> 00:07:59,720 Speaker 4: are still doing it to some extent. That's causing people 168 00:07:59,720 --> 00:08:03,080 Speaker 4: to kind of want bigger houses to keep bedrooms unoccupied. 169 00:08:03,600 --> 00:08:06,720 Speaker 4: It's also driving a growth in people who want to 170 00:08:06,760 --> 00:08:09,160 Speaker 4: live on their own and have that extra space so 171 00:08:09,640 --> 00:08:12,200 Speaker 4: the NIFIC report suggests that over the next few years, 172 00:08:12,480 --> 00:08:15,880 Speaker 4: the fastest growing category of sort of new household is 173 00:08:15,920 --> 00:08:18,040 Speaker 4: going to be people living on their own. So we 174 00:08:18,120 --> 00:08:20,960 Speaker 4: are seeing this kind of social shift in the patterns 175 00:08:20,960 --> 00:08:23,720 Speaker 4: of housing that we want that's contributing even more to 176 00:08:23,800 --> 00:08:27,360 Speaker 4: demand that, as I was saying before, is not able 177 00:08:27,400 --> 00:08:29,560 Speaker 4: to be met by supply. So these are some of 178 00:08:29,600 --> 00:08:32,200 Speaker 4: the things that contribute to a problem that's getting worse. 179 00:08:32,520 --> 00:08:35,960 Speaker 2: Tom, the RBA is meeting again today and it is 180 00:08:36,080 --> 00:08:39,080 Speaker 2: looking like there might be a pause in interest rate hikes. 181 00:08:39,120 --> 00:08:42,520 Speaker 2: That's after ten consecutive rises. Do you think that that's 182 00:08:42,720 --> 00:08:45,840 Speaker 2: likely to make any difference to this issue with supply 183 00:08:45,920 --> 00:08:46,920 Speaker 2: that you were speaking about. 184 00:08:47,200 --> 00:08:49,400 Speaker 4: It's sort of compulsory that every time I come on 185 00:08:49,400 --> 00:08:50,520 Speaker 4: the podcast, I have to say. 186 00:08:50,320 --> 00:08:51,800 Speaker 2: Something we talk about the RBAS. 187 00:08:52,920 --> 00:08:55,559 Speaker 4: If you were listening to this podcast after two thirty PM, 188 00:08:55,640 --> 00:08:58,240 Speaker 4: you may already know what the RBA has decided to 189 00:08:58,280 --> 00:09:01,440 Speaker 4: do this month. As I called this, there's sort of 190 00:09:01,559 --> 00:09:03,760 Speaker 4: you know, some people who think that they might raise 191 00:09:03,840 --> 00:09:06,800 Speaker 4: rates yet again make a number eleven other people in 192 00:09:06,840 --> 00:09:09,839 Speaker 4: the context of some signs that the inflation problem maybe 193 00:09:09,840 --> 00:09:12,120 Speaker 4: turning the corner. I think that the RBA might hit 194 00:09:12,160 --> 00:09:14,280 Speaker 4: pause at least for a month. I'll be very fascinated 195 00:09:14,320 --> 00:09:15,800 Speaker 4: to see what they do. But whatever they do, I 196 00:09:15,840 --> 00:09:18,160 Speaker 4: mean a situation, as you say, Zara, with ten rate 197 00:09:18,280 --> 00:09:21,120 Speaker 4: rises in a row. The main thing that that does 198 00:09:21,240 --> 00:09:23,040 Speaker 4: is it just puts a squeeze on a lot of people, 199 00:09:24,040 --> 00:09:26,560 Speaker 4: particularly in the context of housing. We know that, you know, 200 00:09:26,640 --> 00:09:29,280 Speaker 4: raising interest rates increases the cost of repaying your mortgage, 201 00:09:29,360 --> 00:09:31,280 Speaker 4: So for a lot of people who have mortgages, it's 202 00:09:31,320 --> 00:09:33,720 Speaker 4: been getting tougher. And there's also flow through that we've 203 00:09:33,720 --> 00:09:37,160 Speaker 4: seen into rents, especially at a time when there's such 204 00:09:37,240 --> 00:09:39,880 Speaker 4: fierce competition and so few rentals to go around. Again, 205 00:09:39,960 --> 00:09:42,480 Speaker 4: that kind of puts people, I guess, at the mercy 206 00:09:42,520 --> 00:09:44,240 Speaker 4: of their landlords a little bit more to pass on 207 00:09:44,280 --> 00:09:47,120 Speaker 4: those rate rises to them. So, you know, interest rates 208 00:09:47,160 --> 00:09:50,480 Speaker 4: may make all of that problem worse. The silver lining 209 00:09:50,640 --> 00:09:53,240 Speaker 4: sort of to that is that, I mean ae interest 210 00:09:53,280 --> 00:09:56,760 Speaker 4: rates may kind of contribute to lower house prices, sort of. 211 00:09:56,800 --> 00:09:58,960 Speaker 4: I don't think anyone thinks that's going to be enough 212 00:09:59,000 --> 00:10:00,960 Speaker 4: to know, big enough to care, but there is some 213 00:10:01,120 --> 00:10:04,240 Speaker 4: effect there, and interustrates are supposed to help us to 214 00:10:04,280 --> 00:10:07,120 Speaker 4: get through this inflation problem and this rising cost problem 215 00:10:07,120 --> 00:10:08,880 Speaker 4: and come out the other side, so to the extent 216 00:10:08,960 --> 00:10:11,040 Speaker 4: that they can help us get there. You know, maybe 217 00:10:11,080 --> 00:10:12,920 Speaker 4: there is a little bit of a positive there in 218 00:10:12,920 --> 00:10:15,760 Speaker 4: that interestrate story, but yeah, definitely, I guess we come 219 00:10:15,800 --> 00:10:18,320 Speaker 4: back to those numbers, the half a million people in 220 00:10:18,400 --> 00:10:21,680 Speaker 4: various forms of housing stress. You know, the situation we're 221 00:10:21,720 --> 00:10:24,720 Speaker 4: in now is certainly only going to worsen that rather 222 00:10:24,720 --> 00:10:26,800 Speaker 4: than make it better for anyone in the short term. 223 00:10:27,200 --> 00:10:29,280 Speaker 2: Tom, you and I get to sit here and talk 224 00:10:29,559 --> 00:10:33,080 Speaker 2: all about this housing crisis, but inevitably we're not the 225 00:10:33,080 --> 00:10:34,960 Speaker 2: ones that have to come up with a solution to it. 226 00:10:35,040 --> 00:10:38,240 Speaker 2: That is the job of the many governments in this country, 227 00:10:38,280 --> 00:10:41,760 Speaker 2: and specifically the federal government. What have we had from 228 00:10:42,040 --> 00:10:45,200 Speaker 2: the Albanezy government about how they are trying to address 229 00:10:45,280 --> 00:10:47,360 Speaker 2: what is clearly a crisis. 230 00:10:47,600 --> 00:10:50,160 Speaker 4: Well, yeah, I mean it's a good point, Zara, But 231 00:10:50,280 --> 00:10:53,200 Speaker 4: maybe I'll start by saying, I'm not sure if it 232 00:10:53,240 --> 00:10:56,319 Speaker 4: is entirely realistic for us to think that any government 233 00:10:56,360 --> 00:10:58,800 Speaker 4: can kind of click its fingers and completely fix this problem. 234 00:10:59,040 --> 00:11:02,040 Speaker 4: That that actually probably is the best place to start, 235 00:11:02,120 --> 00:11:04,240 Speaker 4: partly because I mean that long list. Obviously, the government 236 00:11:04,240 --> 00:11:06,040 Speaker 4: can't do much about the weather, but even some of 237 00:11:06,080 --> 00:11:09,400 Speaker 4: those other things are kind of out of our control, 238 00:11:09,440 --> 00:11:12,200 Speaker 4: and that you know, they exist at different levels. You know, 239 00:11:12,200 --> 00:11:14,600 Speaker 4: you've got some issues with local councils and they're planning. 240 00:11:15,000 --> 00:11:17,160 Speaker 4: State governments have a role, federal governments have a role. 241 00:11:17,240 --> 00:11:19,640 Speaker 4: This is a big and intrenched problem, and so yeah, 242 00:11:19,679 --> 00:11:21,280 Speaker 4: you know, I think, I think it's not something that 243 00:11:21,320 --> 00:11:23,960 Speaker 4: we're going to be able to fix overnight. Having kind 244 00:11:23,960 --> 00:11:26,640 Speaker 4: of said all that, outline a little bit what the 245 00:11:26,640 --> 00:11:29,720 Speaker 4: parties are talking about. So the government has two main things. 246 00:11:30,480 --> 00:11:33,440 Speaker 4: One of them is assistance for first home buyers, which 247 00:11:33,440 --> 00:11:35,800 Speaker 4: comes in a few different forms, but the main headline 248 00:11:35,880 --> 00:11:38,559 Speaker 4: is this idea that the government can help a limited 249 00:11:38,640 --> 00:11:41,040 Speaker 4: number of home buyers to buy their house, chip in 250 00:11:41,080 --> 00:11:43,720 Speaker 4: and pay some of the deposit, own some of the house. 251 00:11:43,760 --> 00:11:46,439 Speaker 4: The government can essentially kind of lower that deposit hurdle 252 00:11:46,559 --> 00:11:49,679 Speaker 4: for some first home buyers. So there's that scheme. Then 253 00:11:49,720 --> 00:11:53,280 Speaker 4: the government is also proposing to set up an investment 254 00:11:53,400 --> 00:11:56,840 Speaker 4: fund and use the returns essentially from the investment fund 255 00:11:57,240 --> 00:12:00,320 Speaker 4: to build social and affordable housing, so social house men, 256 00:12:00,360 --> 00:12:03,360 Speaker 4: government owned housing. That's something that state governments generally tend 257 00:12:03,360 --> 00:12:05,320 Speaker 4: to operate, but the federal government can chips the money 258 00:12:05,320 --> 00:12:07,040 Speaker 4: in and the Government would like to do that at 259 00:12:07,040 --> 00:12:08,600 Speaker 4: the moment, though theyre having a bit of trouble getting 260 00:12:08,600 --> 00:12:12,440 Speaker 4: that through the Parliament. The Coalition doesn't support spending money 261 00:12:12,480 --> 00:12:15,440 Speaker 4: in that way. The Greens say it's no whenyer enough money, 262 00:12:15,440 --> 00:12:18,280 Speaker 4: it doesn't go far enough, and so neither the Coalition 263 00:12:18,360 --> 00:12:21,480 Speaker 4: nor the Greens at the moment support that policy. The 264 00:12:21,520 --> 00:12:23,880 Speaker 4: Greens have called for a number of kind of difference 265 00:12:23,960 --> 00:12:27,080 Speaker 4: measures to support renters. They've called for government to go 266 00:12:27,160 --> 00:12:29,720 Speaker 4: dramatically further in the number of houses that it directly 267 00:12:29,760 --> 00:12:32,440 Speaker 4: funds to build itself, So the Green's sort of taken 268 00:12:32,480 --> 00:12:36,920 Speaker 4: that more extreme position. The Coalition has a policy that 269 00:12:37,360 --> 00:12:40,280 Speaker 4: would allow people to use their super to buy a house, 270 00:12:41,040 --> 00:12:43,079 Speaker 4: with the idea that then the money would come back 271 00:12:43,120 --> 00:12:45,000 Speaker 4: into your super when you sell the house. That's something 272 00:12:45,040 --> 00:12:47,240 Speaker 4: they took to the last election but is still their policy. 273 00:12:47,720 --> 00:12:50,199 Speaker 4: So there are a few different ideas there in that space. 274 00:12:50,240 --> 00:12:53,120 Speaker 4: And again certainly it's something that every party feels the 275 00:12:53,120 --> 00:12:54,560 Speaker 4: need to have a policy on and spends a bit 276 00:12:54,600 --> 00:12:56,880 Speaker 4: of time talking about. But yeah, I mean, I think 277 00:12:56,920 --> 00:12:59,400 Speaker 4: the note that I would finish on really is that 278 00:12:59,400 --> 00:13:02,360 Speaker 4: that big long list of the perfect storm of problems 279 00:13:02,400 --> 00:13:04,600 Speaker 4: in our housing market, they will take a long time 280 00:13:04,640 --> 00:13:07,440 Speaker 4: to solve. That doesn't mean that government can't do anything, 281 00:13:07,520 --> 00:13:10,480 Speaker 4: but I think certainly you know when you have a 282 00:13:10,480 --> 00:13:13,199 Speaker 4: government agency saying over the next decade things are likely 283 00:13:13,240 --> 00:13:15,160 Speaker 4: to get worse. I guess that just speaks to the 284 00:13:15,200 --> 00:13:16,560 Speaker 4: scale of the problem that we face. 285 00:13:18,520 --> 00:13:20,800 Speaker 2: Tom Thanks for jumping on the pod and we'll speak 286 00:13:20,800 --> 00:13:21,400 Speaker 2: to you next week. 287 00:13:21,480 --> 00:13:23,240 Speaker 4: Thanks a our pleasure as always, and I hope I 288 00:13:23,240 --> 00:13:24,800 Speaker 4: haven't ruined you Tuesday too much. 289 00:13:30,400 --> 00:13:32,880 Speaker 3: Thank you for joining us on the Daily OS this morning. 290 00:13:33,160 --> 00:13:35,840 Speaker 3: If you learn something from today's episode, don't forget to 291 00:13:35,880 --> 00:13:38,559 Speaker 3: hit subscribe so there's a TDA episode waiting for you 292 00:13:38,640 --> 00:13:41,640 Speaker 3: every morning. We'll be back again tomorrow. Until then, have 293 00:13:41,720 --> 00:13:49,600 Speaker 3: a great day.