Greens Treasury spokesperson, Senator Peter Whish-Wilson today grilled the Treasury Secretary John Fraser in Senate Estimates on the issues of housing affordability and intergenerational inequality.
Senator Whish-Wilson said, “John Fraser today accepted that younger people being locked out of housing is a ‘huge issue’ but offered little in the way of concrete actions to address it.
“At least the Treasury Secretary did not accept the premise put forward by Bernard Salt that the reason that younger people aren’t buying homes because they are blowing their income on smashed-avocado hipster breakfasts.
“I put to Mr Fraser that 25-34 year olds are less well off than the same age group a decade ago and every other older age group has significantly increased in wealth. He accepted that this was true but could only talk in the abstract on how we could address it.
“Mr Fraser said that he knew that more and more people are relying on the “bank of mum and dad” to enter the housing market. Clearly, given the pre-existing inequality, this situation will only worsen over time.
“Investors are using their property-delivered wealth and generous tax concessions to outbid an entire generation who are losing hope at ever being able to own their own home.
“The issue of housing affordability, along with income inequality and climate change is completely absent from the Treasury’s corporate plan. It’s time for a root-and-branch review of intergenerational inequity in the tax system to fix this worsening stain on our society.
Greens Treasury spokesperson, Senator Peter Whish-Wilson
