Australia’s latest attempts to address the housing crisis are facing challenges as rental availability hits a record low. The Labor government’s proposed shared equity scheme to assist first-time homebuyers has been delayed by opposition parties, while a separate bill offering tax benefits to developers for rental housing is also in jeopardy. Critics, including Senator Bragg, oppose these measures, fearing the corporatization of the housing market.
Despite high interest rates, Australian home prices continue to soar due to high demand and limited supply. Rental vacancies are at a historic low of just 1.39%, emphasizing the urgent need for housing solutions. The political impasse is hindering progress in tackling the housing crisis, leaving many Australians struggling to find affordable housing options.