A new report on the housing crisis sets an alarm for the economic class in Australia. The rental stress for over three hundred thousand people is bothering Australians. In addition to this, the report says that the housing crisis continues till 2027. The National Housing Finance and Investment Corporation disclosed the worrisome statistics.
“Increased population and slumped real estate activity, which delayed construction of new homes, are the main causes of the housing shortage,” says the NHFIC report.
The Albanese government promises to provide housing loans to counter the housing problem for the average Australian, keeping the housing crisis in mind. Experts suggest that control of the population and innovation in construction to reduce construction costs and increase construction activities will help solve housing problems in Australia.
As per the data of ASIC, nearly 1500 building firms have failed since June 30, which is half the pace compared to last year. Both government stakeholders and private firms need to come together to solve the housing crisis in Australia. The government struggled to take action against the housing crisis and failed to allocate the fund of AUD 10 billion to facilitate housing for the Austrians.
- Published By Team Australia News