Australians are among the most frustrated in the world over housing, survey says
SYDNEY, Jan 30 (Reuters) - Dissatisfaction with housing in Australia reached an all-time high last year, ranking among the worst in the world, according to a survey published on Thursday, an issue that is expected to dominate a general election due by May.
Over three-quarters of Australians surveyed by pollsters Gallup were dissatisfied with the availability of affordable housing in 2024, compared to a median of 50% in the Organisation for Economic Cooperation and Development (OECD).
'Australians are uniquely dissatisfied with housing compared with residents of other high-income countries,' survey co-authors Benedict Vigers and Madeleine Ambort said.
Gallup surveyed around 140,000 people in 140 countries, including 1,000 Australians, on whether they were satisfied with the availability of 'good, affordable housing' where they lived.
The findings placed Australia second only to Turkey for housing dissatisfaction in the OECD, despite citizens being satisfied with other community basics such as healthcare (71%), schools (66%) and public transport (61%).
Aside from Turkey in 2024, only Gabon in 2014 has seen greater dissatisfaction over housing than Australia in the past 10 years.
Gallup said underinvestment in housing and high immigration levels had created one of the world's most expensive markets, further exacerbated in recent years by pandemic-related construction delays.
Between 2002 and 2024, housing prices surged to nine times the average income while rent had more than doubled over a similar period.
'The result is a limited and expensive choice of housing options, which affects younger people and low-income households the most,' Vigers and Ambort said, finding only 16% of adults aged 18 to 34 were satisfied with housing affordability.
'The gaps between satisfaction with housing and these other community basics have never been wider,' they said.
Housing is the largest contributor to the rising cost of living in Australia and is expected to be a major issue in upcoming elections.
The centre-left Labor government recently passed reforms including a shared equity scheme and tax incentives for developers, to ease cost pressures and achieve a target of building 1.2 million new homes by 2030.
Last week, Prime Minister Anthony Albanese also announced cash bonuses for construction trainees.
here.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scottish Sun
22 minutes ago
- Scottish Sun
Six members of Russian spy ring to have ‘too lenient' jail sentences reviewed
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SIX members of a Russian spy ring are to have their jail sentences reviewed for being too lenient, we can reveal. The Bulgarians — who lived and worked in the UK — plotted sex stings, and targeted Russian dissidents and journalists critical of President Vladimir Putin's war effort against Ukraine. Sign up for Scottish Sun newsletter Sign up 7 Russian Spy Vanya Gaberova was sentenced to eight years in jail Credit: Reuters 7 The operations was run out of a Great Yarmouth guesthouse Credit: PA The ring included lab worker Katrin Ivanova, 33, and beauty shop owner Vanya Gaberova, 30 — dubbed 'killer sexy brunettes' by cell leaders. Ivanova got nine years and eight months and Gaberova eight years. They were both found guilty in March of breaching the Official Secrets Act by conspiring to provide information useful to an enemy between August 2020 and February 2023. Ivanova also got a concurrent sentence of 15 months for forged ID documents. read more on russia BRAND OF EVIL Ukrainian PoW released in swap left with 'Glory to Russia' burned on his body All six got a total of more than 50 years last month. The Attorney General's Office has been asked to consider the sentences under the Unduly Lenient Sentence scheme. The ULS scheme allows anyone to ask for a Crown Court sentence to be assessed by the Attorney General's office if they think it is too lenient. Law officers have 28 days from sentencing to make a decision. 7 Katrin Ivanova was sentenced to nine years and eight months Credit: Central News 7 Orlin Roussev ran the spy ring Credit: PA 7 Ivan Iliev Stoyanov was convicted of carrying out surveillance for Putin 7 Tihomir Ivanov Ivanchev was also jailed for his part in the spy ring Credit: PA 7 Biser Dzhambazov was convicted as part of the ring Credit: PA Unlock even more award-winning articles as The Sun launches brand new membership programme - Sun Club.
Reuters
2 hours ago
- Reuters
TRADING DAY Good vibrations turn sour
ORLANDO, Florida, June 11 (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. The US and China have reached a trade deal, or at least agreed on the framework of a deal, which together with surprisingly soft U.S. inflation data, gave markets a lift on Wednesday. But Wall Street's gains were mild, and they were later wiped out by rising tensions in the Middle East. In my column today I look at the 'equity risk premium' and other metrics that suggest relative U.S. equity and bond valuations are getting very stretched. More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves Good vibrations turn sour It's a "done" deal, according to U.S. President Donald Trump, although the he and Chinese leader Xi Jinping still have to finalize the wording of the trade agreement between the two superpowers and sign off on it. The main points of the deal appear to be: China will remove export restrictions on rare earth minerals and other key industrial components; U.S. tariffs on Chinese goods will total 55%; Chinese tariffs on U.S. goods will total 10%. Trump could not have been more enthusiastic in his praise for the agreement on Wednesday, and Commerce Secretary Howard Lutnick said 'deal after deal' with other countries will follow in the weeks ahead. Yet, judging by the relatively muted market reaction, investors are less enthused. And given the chaotic and unpredictable nature of the Trump administration's tariff announcements thus far, the irony of Treasury Secretary Scott Bessent calling on China to be a "reliable partner" in trade negotiations will not be lost on some observers. Especially, one suspects, in Beijing. Based on these proposed China levies, and with the US expected to conclude more trade deals in the coming weeks, the overall U.S. effective tariff rate will be lower than feared a couple of months ago. That's a relief. But the effective tariff rate of around 15% that many economists expect will still be significantly higher than the 2.5% rate at the end of last year, and would be the highest since the 1930s. Also, as the May inflation figures showed, tariffs have yet to be felt on prices. Investors - and Fed policymakers, who meet next week - are in a state of limbo. How will corporate profits and consumer spending be affected? What proportion of the tariffs will companies "swallow", and how much will they pass on to their customers? Zooming out, inflation appears to be cooling around the world, although this trend is expected to reverse once tariffs start to fuel higher goods price inflation. Figures on Wednesday showed that U.S. consumer inflation and Japanese wholesale inflation were lower than expected in May. These reports follow similar numbers from Europe recently, and China remains stuck in its battle against deflation. Next up is India, which releases consumer inflation figures on Thursday, which are expected to show annual inflation slowed to 3.0% in May, the lowest in more than six years. Another focus for investors on Thursday will be the auction of 30-year U.S. Treasury bonds. US stocks-bonds warnings flash amber again Calm has descended on U.S. markets following the 'Liberation Day' tariff turmoil of early April. But Wall Street's rally has revived questions about U.S. equity valuations, as stocks once again look super pricey compared to bonds. Since the chaotic days of early April, U.S. equities have rebounded fiercely, with the S&P 500 up 25%, putting the Shiller cyclically adjusted price-earnings (CAPE) ratio for the index in the 94th percentile going back to the 1950s, according to bond giant PIMCO. Stocks are looking expensive in absolute terms, and in relation to bonds. The equity risk premium (ERP), the difference between equity yields and bond yields, is near historically low levels. According to analysts at PIMCO, the ERP is now zero. The previous two times it fell to zero or below were in 1987 and 1996–2001. In both instances, the ultra-low ERP precipitated a steep equity drawdown and sharp fall in long-dated bond yields. "The U.S. equity risk premium ... is exceptionally low by historical standards," they wrote in their five-year outlook on Tuesday. "A mean reversion to a higher equity risk premium typically involves a bond rally, an equity sell-off, or both." But reversion to the mean doesn't just happen by magic. A catalyst is needed. Equities have recovered largely because they were oversold in April, trade tensions have been dialed down, and investors remain confident that Big Tech will drive solid AI-led earnings growth. So even though huge economic, trade, and policy risks continue to hang over markets, there is no sign of an imminent catalyst that would cause an equity market selloff. The flip side of equities looking expensive is that bonds look like a bargain. Indeed, the relative divergence between stocks and bonds is such that, by one measure, U.S. fixed income assets are the cheapest relative to equities in over half a century. Using national flow of funds data from the Federal Reserve, retired strategist Jim Paulsen calculates that the total market value of U.S. bonds as a percentage share of the total market value of U.S. equities is the lowest since the early 1970s. "Since the aggregate U.S. portfolio is currently aggressively positioned, investors may have far more capacity and desire to boost bond holdings in the coming years than most appreciate," Paulsen wrote last week. But bonds are 'cheap' for a reason. Washington's profligacy – the reason ratings agency Moody's recently stripped the U.S. of its triple-A credit rating – and inflation worries have kept yields stubbornly high. The term premium - the risk premium investors demand for holding long-term debt rather than rolling over short-dated loans - is the highest in over a decade, reflecting concerns about Uncle Sam's long-term fiscal health. And the diagnosis here shows no signs of improving. Trump's 'Big Beautiful Bill' is expected to add $2.4 trillion to the U.S. debt over the next decade, according to the nonpartisan Congressional Budget Office, likely putting more upward pressure on yields. Of course, equity investors do seem to be pricing in a very rosy scenario, and the past few months have shown how quickly the market landscape can change. The U.S. economy could weaken more than expected, the trade war could escalate, or there could be a geopolitical surprise that causes bond yields and equity prices to fall. Investors should therefore be mindful of the warnings being sent by ERPs and other absolute and relative valuation metrics. However, they should also remember that stretched valuations can get even more stretched. As the famous saying goes, markets can stay irrational longer than investors can remain solvent. What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
Reuters
4 hours ago
- Reuters
US military dependents allowed to depart Bahrain due to regional tensions, US official says
WASHINGTON, June 11 (Reuters) - The U.S. military is set to allow families of service members in Bahrain to temporarily depart the country because of heightened tensions in the region, a U.S. official told Reuters on Wednesday. The official was speaking on condition of anonymity.
