The Federal Labor Opposition is set to announce a $6.6 billion plan to build thousands of new homes and bring rents down.
Community Sector Banking released the latest Rental Affordability Index (RAI) last month with partners National Shelter, SGS Economics & Planning and the Brotherhood of St Laurence. The RAI indicates the price of rents relative to household incomes based on new rental agreements.
Community Sector Banking Chief Executive Officer, Andrew Cairns, said, “Bill Shorten is right to say that rental affordability is a national challenge however it is more of a national crisis. The majority of very low income households in Australia are under rental stress meaning they are spending more than thirty percent of their income on rent.
“Providing more affordable homes from people on low and moderate incomes is a welcome step in the right direction however 20,000 new units and houses over the next four years would only go some way to addressing the huge shortfall.
“The latest Rental Affordability Index revealed that single parents are one of the worst impacted groups by rental unaffordability and many forgo basics like food to keep a roof over their family. To truly put an end to this crisis, we need a plan which provides many more safe, affordable and secure homes for those most in need.”
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