The Housing Crisis in Australia Requires a Socialist Solution

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Australia’s housing crisis is a growing problem that demands an urgent solution. With the cost of living spiralling out of control and aggressive central bank interest rate rises, Australians feel the squeeze as they struggle to keep up with the escalating costs.

According to the World Socialist Web Site, “Millions of working people—both homebuyers and renters—face severe financial stress, and evictions or the danger of foreclosures, compounded by sky-rocketing prices for food, petrol, electricity, gas, and other essentials.”

The situation has become so dire that there are growing reports of people living in caravans, campervans, and tents, sleeping on the streets or in cars alongside freeways.

This is especially true for low-income earners and young people who cannot compete with investors for the limited supply of affordable housing.

The current housing crisis is a systemic problem caused by decades of inadequate investment in social and public housing and widespread deregulation in the private rental market.

As a result, an acute shortage of affordable properties is available to rent and purchase. In addition, welfare payments have not kept pace with inflation and the rising cost of living expenses.

Reports say that people are skipping meals, delaying medical treatments, not filling doctors’ prescriptions, avoiding dentists, and even dropping insurance policies to make ends meet.

The situation is made worse by the disparity between wages and prices. With the purchasing power of wages unable to keep up with inflation and rising housing costs, many low-income earners need help accessing affordable housing options and falling further into debt.

We must look at ways of improving affordability. Australia’s current housing crisis can only be solved with bold initiatives that promote social justice and fairness, which can only be achieved under a socialist model of government intervention designed to protect our most vulnerable citizens from the ravages of market forces beyond their control or understanding.

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