The Future of Affordable Rentals in Australia: A Call to Action for the Federal Budget

The upcoming Federal Budget is a crucial opportunity for the Australian government to tackle the ongoing rental crisis and provide much-needed relief for millions of Australians struggling with skyrocketing rental costs. Here are some key steps that the government can take to help alleviate this crisis:

1. End the rental crisis:

The government should take immediate steps to increase the supply of affordable rental properties across the country. This could involve reversing regulations that have proven to be ineffective and instead implementing measures that have worked in the past.

2. Increase rentals for 7 million people:

With millions of Australians currently living in rental accommodation, the government needs to take a long-term approach to ensure that there is adequate housing for everyone. This could include providing incentives for property investors to offer more affordable rental properties and ensuring that multiple rental properties can be managed effectively.

3. Manageable Interest-Only Loans:

The government should consider changing the current policy that only allows for principal and interest loans to one that allows for more manageable interest-only loans. This would enable more people to enter the property market and secure rental properties that they can afford.

4. Lower rentals in the market:

The government can take steps to reverse the ban on tax credits for cheap properties, bringing back $200pw rentals into the market. This would go a long way in providing more affordable rental options for Australians struggling to make ends meet.

5. Stop focusing on new properties:

The government should prioritise measures to reduce the cost of existing rentals rather than focusing on new properties for supply. This will help ensure that rentals are accessible to a broader range of people, including those on low incomes.

6. Stop bureaucratic meddling:

Finally, the government must take a hands-off approach to the property market and stop meddling in bureaucratic red tape. This will enable the market to function more efficiently and provide more affordable options for renters.

The upcoming Federal Budget provides a unique opportunity for the government to address the rental crisis and reduce inflation. By reversing fees, charges, and taxes that have gone up by 7.5%, the government can help to make rentals more affordable for millions of Australians. It's time for the government to take action and provide the support that Australians need to secure stable and affordable rental accommodation.