How to Fix the Housing Crisis

The housing unaffordability crisis is one of the greatest issues facing Australia. Australians want to have their hard work and savings rewarded. They want a place to call their own and a place where they can stay to raise a family.

Mortgages are skyrocketing and two thirds of young Australians believe they will never own their own home. Rents are also rising on the back of a record low national vacancy rate of 1%. Experts consider a 3% vacancy rate to be tight — a national average of 1% is an absolute crisis.

Right now, many Australians simply cannot afford a roof over their head.

Supply and demand controls the housing market. Yet decades of successive governments have mismanaged both sides of the equation.

One Nation would properly manage our economy and deliver cheaper houses and cheaper rent. How? First, by stemming the flow of overseas arrivals which is driving up unsustainable demand. Over the last year, Australia gained an additional 2.3 million visa holders. We cannot sustain this level of overseas arrivals. Powerful lobby groups reliant on high immigration have been able to label anyone talking about this problem as racist.

Secondly, many Australians can’t afford housing in Australia banning foreign ownership is the only answer. It would increase housing supply and stop pumping up the profits for the Big Banks. As the Reserve Bank raises interest rates, the big banks pass that on at up to 7%, yet the banks borrowed long term funds from the RBA at just 0.1%. They’re pocketing the huge difference leading to record-breaking profits.

On the supply side, government and its red and green tape must get out of the way and let our tradies build homes. Homes for Australians to stem the tide of tent cities and misery that decades of indifferent governments have caused.

Affordable houses, lower affordable rents and a flourishing economy is all possible under One Nation.

Transcript

I thank Senator Pocock for his matter of urgency and for validating the concept of net immigration that we’ve been pushing for quite some time. Mortgages are skyrocketing, rents keep increasing and two-thirds of young Australians believe they will never own a home, and it’s easy to understand why.

The housing unaffordability crisis is one of the greatest issues facing Australia. In Brisbane, the median house price is 10 times the median income. Experts consider a three per cent rental vacancy rate to be tight. Rents are rising on the back of a record low national rate of one per cent. As in all real markets, there are two things, and two things only, that affect house prices: supply and demand. Successive governments have destroyed both sides of the equation.

This is how One Nation would deliver cheaper houses and cheaper rent. In the short term, we would stop pouring fuel on the fire. Excluding tourists and short-stay visitors, there are 2.3 million visaholders in the country likely to need housing. In addition, there are roughly 400,000 tourists and other visaholders in the country. In the middle of our rental shortage, this high demand is motivating owners to convert housing to full-time Airbnbs. Two point seven million visaholders, more than 10 per cent of Australia’s population, are in the country right now fighting Australians for a roof over their head. The country cannot sustain this level of overseas arrivals. That number must be cut to help housing availability and affordability.

The biggest winners from high house prices are the banks. As the Reserve Bank raises interest rates, the big banks pass that on at up to seven per cent. Yet the banks borrowed long-term funds from the RBA, the Reserve Bank of Australia, at just 0.1 per cent. They’re pocketing the huge differences, leading to record-breaking profits. One Nation would never repeat the mistakes of the COVID period, where the Reserve Bank was allowed to create $500 billion out of thin air.

That led to the inflation that the Reserve Bank is now trying to fight, and the tool it uses is to send mortgage holders broke.

Finally, on the demand side, we need to ban foreign ownership of Australian assets. A single real estate agent in Sydney sold $135 million dollars in property to Chinese buyers in just six months. Australians can’t own a house in China, so why should we let foreign citizens buy property here? And on the supply side, the government needs to get out of the way with its restrictive building codes, so called green land restrictions and a spider web of employment law.

A home is a castle. Decades of indifferent governments from both sides of politics have ruined the Australian housing dream for many Australians. Only One Nation has the guts to make that dream a reality for all Australians.

Affordable houses and rents and a flourishing economy are all possible under One Nation. We just need to start looking after Australians first