Wednesday, 17 June 2015
That the Senate—
(a) notes that:
(i) the median Sydney house price has increased from $73 000 in 1985 to over $914 000 in 2015,
(ii) the ratio of housing price to income in Sydney has increased from 3.4 to 11.4 over that same period,
(iii) currently 41 per cent of all housing finance is for the purposes of investment, compared to 16 per cent in 1992, and
(iv) a poll published in the week beginning 14 June 2015 found that 80 per cent of Sydneysiders said housing was not affordable, compared to a national average of 69 per cent; and
(b) calls on the Government to immediately review the existing beneficial tax arrangements for property investment with a view to improving housing affordability for first home buyers, and providing housing for those on social housing waiting lists and those experiencing homelessness.
Mr President, social housing is primarily a state issue. The Commonwealth has existing review processes, like the tax white paper and the Standing Council on Federal Financial Relations working group on housing supply, looking at coordinated policy responses on key aspects of these issues.