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Monday, 22 October 2018
Page: 10535

Housing Affordability

There has been wide recognition of the fact that it is becoming harder and harder in Australia for a worker of average income to enter the property market, especially for those who choose to have a family, which increases expenses and decreases income. Conversely it has become easier and easier for individuals to purchase a second or subsequent home as an investment which further widens the gap between renters and owners. In most large cities it has become prohibitively expensive for most individuals on an average income to enter the property market, essentially trapping them as renters for life. This needs to change.

We therefore ask the House to: 1. Evaluate the possibility of first home buyers drawing upon the entirety of their accumulated superannuation in order to obtain a house deposit. This would of course have tax implications, however these are workable. Purchase of a house is a stable investment for retirement which may prevent individuals from becoming "retired renters" who are forced to continue paying rent without employment income. 2. Reduce stamp duty and other associated taxes for those buying for the first time and increase them for those purchasing a property as an investment. Do anything else that can be done to assist hard working Australians from being trapped in the rental market.

from 39 citizens (Petition No. EN0717)