The family home is central to the Australian way of life. The Government understands this and is taking action to make housing more affordable.
Rising mortgage and rental costs
Housing stress now affects around 575,000 families with children, placing financial and emotional strain on these families.
Most Australians aspire to owning their own home. But record house prices and interest rates at 10‑year highs have made it harder for many young Australian families to realise this dream.
First home buyers are being particularly hard hit, with the deposit needed to afford a first home at record highs. The Housing Industry Association housing affordability index indicates that typical home buyers now have to spend around a third of their income on mortgage payments, the largest share on record and around double what was needed 10 years ago.
Rent increases are hurting Australian families, particularly those on low incomes.
Housing stress now affects around 575,000 families with children, placing financial and emotional strains on these families.
To help Australians experiencing rental and mortgage stress, the Government is increasing funding for financial counselling services.
Housing affordability is at record lows
