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Bipartisan support for temporary extra government spending to preserve businesses and jobs through JobKeeper was one of the few positive outcomes from the COVID-19 pandemic. Recognition that the long-term damage caused by short-term economic crises far exceeds the cost of temporary government spending to avoid it underpinned that consensus.
It’s worth considering now whether the same logic could be applied to create a “HomeKeeper” program, especially given Reserve Bank Governor Michele Bullock’s recent message that interest rates could stay higher for longer than expected.
HomeKeeper could help financially stressed mortgagors avoid losing their homes during the current interest rate crunch, and stop them joining already too-long rental queues — or worse, becoming homeless.