The Reserve Bank of Australia recently cut the benchmark cash rate to a historic low of 2.5%. This was soon followed by most of Australia's major lenders, who have slashed their variable rates to some of the lowest levels in 30 years. The cuts have made for some entertaining politicking, put some juice back into the housing sector (auction clearance rates have been steadily increasing in the major cities), and have driven up the share market prices of the major housing stocks to levels not seen since 2009.
But has all of this made housing any cheaper, and could the government do more? According to some estimates, Australian house prices have risen more than 150% in the past decade alone. While this may benefit some, housing affordability is a pressing concern for many voters, and especially for many younger voters. The Building Australia Party puts much of the blame of housing (un)affordability on red tape, waiting times, and unnecessary regulations. As part of my series on Minor Parties I spoke with Ray Brown, Secretary and Convener of the Building Australia Party, about the policies his party proposes:
As before, I am unable to embed the audio in the email blast. You will have to visit the site to listen, and possibly turn off some do-not-track and cookie blocking functions.