A growing number of Australian retirees runs the risk of being homeless because they cannot pay the rent, According to a new report aimed at legislators who prepare to fight in an election on housing and cost of living.
According to the Gratan Institute report, the increase in the cost of rent, the fall in housing rates and Insufficient rental help have pushed two thirds of retirees who rent private poverty housing. Half of the retirees they rent are less than $ 25,000 Australians, US $ 15,700, in their savings.
“The majority of older Australians who live for rent do not have enough savings to continue paying the rent during their retirement”, Says the report. “This problem will get worse.”
The highest interest rates, the terrible shortage of new homes and the rise of population growth after the pandemic have worsened the housing crisis throughout Australia. While the Labor Government promotes its measures to reduce the cost of living before the elections that will be held on May 17national rentals reached a new maximum of $ 620 Australian dollars per week in the quarter of December, according to the data of Rea Group Market Insight.
In Sydney, Only 4% of single retirees who depend on economic support can afford to rent a house in a room, While only 14% of Melbourne’s private rental market is accessible, according to the report.
The Gratan Institute asks for an increase of 2,000 million Australian dollars in total government rental aid, with 500 million Australian dollars assigned to retirees. Greater hardening of tax exemptions to retirement pensions, The limitation of negative leverage and the reduction of half of the fiscal discount to capital gains could finance the increase in spending, he said.
