New data shows Federal Government housing and homelessness spending cut by $1 billion in a decade, as rents hit all-time highs in Homelessness Week

Abstract

Cuts to the value of total Federal Government social housing and homelessness spending over the past decade will soon exceed $1 billion; while simultaneously Australian house prices have risen by 50% and rents by 31%, new data from Homelessness Australia shows.

This year, Homelessness Week, which runs from August 1 to 7, also marks a milestone for Australia’s housing crisis. Vacancy rates in regional Australia are at record lows, while median rents have hit a 10-year high.

These prices and a limited number of affordable rental options are locking young people out of the housing market and making it impossible for many to find affordable rentals. This is occurring at the same time that the value of Federal Government investment in social housing and homelessness is drastically declining.