2026-05-19
A Greens-led Senate inquiry into intergenerational housing inequity, has today revealed a housing crisis out of control where younger generations of renters, first home buyers and people experiencing homelessness are being left behind.
Evidence to the committee today showed:
- Younger people have been disproportionately harmed by government decisions to walk away from directly providing housing.
- Renters are being left behind by unlimited rent increases and short-term leases.
- In 2024, 40% of young renters in our major capital cities were spending more than 30% of their disposable income on housing. In 2001, that figure was just 26%.That's a 14 percentage point increase in a single generation.
- The Government won’t meet its target of building 1.2 million houses by 2029.
- 640,000 people are in need of social housing. Even if the Government manages to fully deliver on the HAFF’s 40,000 promised social and affordable houses, this will only amount to 6% of what’s needed, and there will still be a long waiting list.
- Increase in investor demand for housing has caused massive house price growth and fuelled the current housing crisis.
- Big banks are among the biggest winners of the housing crisis as they make more profit out of home loans than business loans - they make $229,000 in profit on the average 30 year home loan.
- Immigration does not explain the housing crisis. For example, during COVID dwelling prices increased by 32% despite there being effectively no migration during this time.
Lines attributable to Greens spokesperson for finance, housing and homelessness and Senator for South Australia, Barbara Pocock:
‘The evidence of this inquiry is clear: The housing gap between generations is widening thanks to successive governments’ failures.
“45% of tax breaks for wealthy property investors have benefited baby boomers. Meanwhile young people today face rising rents and house prices, more insecure employment and massive HECS debts. We are looking at an intergenerational chasm.
“Housing affordability has deteriorated significantly in Australia, particularly for younger generations. Home ownership rates among young people are falling, rents are rising while wages aren't keeping up, and young people are making up a large proportion of people experiencing homelessness.
“Labor’s budget does nothing for renters, homeless people and for the 190,000 people on public housing waiting lists.
“640,000 Australians are in need of social housing right now yet the HAFF will only meet 6% of this demand when it's fully implemented. That’s unacceptable.
“The HAFF is too slow, it's too complicated, it isn't touching the sides, and it isn't delivering housing for future generations.
“Tinkering around the edges of a broken housing system won’t fix the housing crisis. Labor needs to stop working for the 1% and instead start treating housing like a human right.
“It's time this government looked after the 30% of Australians who rent, many of them young people, who are increasingly facing housing stress.”
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