As the representative of tens of thousands of young workers and low paid women, the SDA unreservedly backs action to improve housing affordability, including changes to the Capital Gains Tax discount and negative gearing.
The SDA’s advocacy is supported by a recent survey with responses from two thousand members.
Among the alarming, but unfortunately unsurprising, findings:
- 60% of members expect to spend more than 30% of their income on housing, and more than a third (36%) expect to spend more than half.
- 10% of members aged 55+ expect to spend more than 75% of their income on housing.
- 1 in 3 members are cutting back on essentials like food and bills just to afford housing.
- 51% of members are currently renting and 71% do not own the home they live in.
- 69% of members who rent have taken on a second job or downsized their living situation.
Respondents to the survey stated that better access to affordable housing would help reduce financial stress (63%), improve wellbeing (56%), and allow them to save more (61%).
41% of members backed the expansion rent-to-own programs, 39% supported low-interest loans (39%) and 49% backed build-to-rent-to-own developments.
Quotes from Gerard Dwyer, National Secretary, the SDA the union for retail, fast food, warehouse and online retail workers:
“This survey provides further evidence that young frontline workers and lower paid woman deserve special attention if they are to have the same access to the Australian dream – home ownership – as previous generations.
“Our message to young Australians and to women is this: ‘We are on your side’ when for too many home ownership and housing security are out of reach.
“The SDA encourages the Albanese government to reduce the generosity of the CGT discount and restrict negative gearing.
“This would be a substantial signal of material support to the young and to women workers in an environment where many essential retail workers are unable to live in the suburbs where they work.
“This is inequitable for them, undermines productivity and is dysfunctional for the community at large.
“The taxes paid by the young, for example, are helping pay for and offset the increasing burden baby boomers are imposing on the health system.
“They deserve something substantial in return and changes to the CGT discount and negative gearing would be a substantial downpayment.”
Contact: Jim Middleton 0418 627066