Poorer young Australians suffer world-leading hit to housing: OECD

Poorer young Australians have suffered a catastrophic collapse in homeownership rates over the past four decades and international research warns the situation is only going to get worse.

Globally, the Paris-based think tank said homeownership rates were falling among younger generations due to a range of factors that were pushing up prices. Low interest rates, supply issues in major cities and tax arrangements were all making it more difficult for young people to buy a property. Young, poorer Australians have been among the biggest losers due to decades of increasing house prices.The director of the OECD’s centre for tax policy, Pascal Saint-Amans, said the tax treatment of housing had to change.

“While future generations are therefore likely to see continued drops in homeownership rates over time, households with high income, high wealth, and/or access to significant family resources may instead see rising homeownership rates or at least smaller declines,” it found. Australians also have the second-highest amount of wealth linked to holiday or investment properties; the best-paid 20 per cent of the population hold much larger levels of wealth than those in the bottom fifth.

The census data also showed that 41.4 per cent of people aged between 45 and 54 owned their home outright 20 years ago, but in 2021 just 18.5 per cent of people in that age bracket did.

swrighteconomy rachelclun Maybe Australians need to get used to living more like others in the world? smh auspol

swrighteconomy rachelclun Burn it all down

swrighteconomy rachelclun For the wealthy it's the lucky country and for those living in poverty it's just another shit hole run by authoritarian and corrupt political parasites.

swrighteconomy rachelclun so the message to young Australians, 'get out of the way, Aust values immigrants & their families more than you'

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'Unprecedented growth in house prices': OECD calls to cap tax breaks benefitting the richCapping tax breaks for housing could help reduce house prices and ensure that property is not concentrated in the hands of older and wealthier Australians, the OECD says. In Australia voted to continue incentives to landlords Yep exactly what Labor took to 2019 election and to some by elections with favourable support. They lost 2019 election due to miners in Qld and lies from Morrison not because of this prescient policy. But as usual they dumped all the good work in favour of low key. How about we just increase interest rates so the poor and the working middle class just stop buying houses instead? Or sell them cheap because they can’t service the mortgage?
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