Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Housing affordability, like Rudd's popularity, goes through the floor.



Download PDFDownload PDF

Senator Gary Humphries  Liberal Senator for the ACT 

Shadow Parliamentary Secretary for Families, Housing & Human Services,  Shadow Parliamentary Secretary for Citizenship 

Housing affordability, like Rudd's popularity, goes through the floor 09/06/10

The Rudd Government's all-talk-no-action mindset has struck again, this time on housing affordability.

Today's release of the Real Estate Institute of Australia's Deposit Power Housing Affordability Report shows that, during the first quarter of 2010, housing affordability decreased across all Australian states and territories, with average household loan repayments surging $337 over the last 12 months.

The proportion of income required to meet loan repayments increasing nationally from 30.7% in the December quarter 2009, to 32.6% in the March quarter 2010.

"Kevin Rudd and Labor have talked endlessly about home affordability in its first term, but these figures suggest that their actions have not matched their rhetoric," Opposition housing spokesman Gary Humphries said today.

"How many more chances does Labor need to address the complete failure of this Government to fix something they said they would.

"Homeowners and renters alike are facing more household costs than ever before because of Labor's inept economic management.

"The Government that said it would deal with rising costs of living has almost completely given up on this front.

"Kevin Rudd labelled housing affordability as a 'barbeque stopper' before the last election and has spent more than $20 billion in the area, but to what effect?

"It certainly appears that this may be $20 billion that has been wasted and mismanaged, or at the very least deals only with the symptoms of housing unaffordability, rather than the causes.

"When you combine this slide with Labor's proposed Great Big Mining Tax, which will push up the cost of building materials, we have a recipe for the dream of home ownership slipping away from more and more people.

"There is only one way to resolve the issues with housing affordability in Australia, and that's to change the Government.

"Australians want real action on reducing the cost of living, not just more talk and no action," Senator Humphries concluded.