Labor is making housing more unaffordable due to:
High interest rates (caused by persistently high inflation)
Low numbers of homes built
Record migration
High building costs (made worse by red tape and CFMEU lawlessness)
Big annual rent increases (the biggest since 20091), making it harder to save for a deposit
Failure to help first home buyers
Failure to curb foreign investors.
Interest rates are close to their highest level since 2011.2 They have risen 12 times under Labor and fallen only once.
High interest rates are caused by high inflation.
The Reserve Bank has made it clear interest rates are staying higher for longer due to high inflation and high government spending.
Interest rates have already gone down multiple times in the United States, Canada, the UK, the Euro Area, South Korea and New Zealand – but not Australia.
Under Labor, building approvals have fallen to their lowest level in over a decade.3
The Reserve Bank has made it clear interest rates are staying higher for longer due to high inflation and high government spending.
Interest rates have already gone down multiple times in the United States, Canada, the UK, the Euro Area, South Korea and New Zealand – but not Australia.
Under Labor, building approvals have fallen to their lowest level in over a decade.3
Labor has brought one million more people to Australia in just two years - 70 per cent more than in any other two-year period.
But, just 350,000 homes were constructed in that time.
Further, red tape and union corruption have added to costs and delays.
At a time of high inflation, Labor has increased the compliance burden for new housing projects, adding up to $60,000 to the price of a new home.4
In 2023, Labor abolished the building watchdog – the Australian Building and Construction Commission.
Rents have gone up 18%. Under Labor they have seen their highest annual increase since 2009 – when Labor was last in office.5
Labor has also modelled introducing new housing taxes (including changes to negative gearing). This would reduce investment and push up rents.
Further, red tape and union corruption have added to costs and delays.
At a time of high inflation, Labor has increased the compliance burden for new housing projects, adding up to $60,000 to the price of a new home.4
In 2023, Labor abolished the building watchdog – the Australian Building and Construction Commission.
Rents have gone up 18%. Under Labor they have seen their highest annual increase since 2009 – when Labor was last in office.5
Labor has also modelled introducing new housing taxes (including changes to negative gearing). This would reduce investment and push up rents.
