Monthly Archives: September 2026

HILDA REPORT EXPOSES THE HUMAN COST OF AUSTRALIA’S HOUSING AND COST-OF-LIVING CRISIS

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 24 September 2026 MEDIA RELEASE   HILDA REPORT EXPOSES THE HUMAN COST OF AUSTRALIA’S HOUSING AND COST-OF-LIVING CRISIS The latest HILDA Survey has laid bare the financial pressure facing Australian households, with more people struggling to afford housing, put food on the table and leave the family home. The 2026 Household, Income and Labour Dynamics in Australia (HILDA) Statistical Report shows that despite record employment, Australians are facing growing financial and housing stress as household incomes struggle to keep pace with rising housing costs and other essential expenses. The report found 18 per cent of Australians aged 15 and over experienced food insecurity in 2024, up from 13.7 per cent in 2020. Housing pressures have also intensified, with 23 per cent of private renters experiencing housing stress in 2024, while 9.6 per cent of mortgage holders were in housing stress — the highest proportion since 2017. Across Australia’s five mainland capital cities, 36 per cent of renters and 30 per cent of mortgage holders were spending more than 30 per cent of their disposable household income on housing. The impact on younger Australians is particularly stark. Half of Australians aged 18 to 29 were still living with their parents in 2024, compared with 39 per cent in 2001. Among young private renters in mainland capital cities, 25.3 per cent were experiencing housing stress, compared with 17.6 per cent in 2001. The HILDA report also found almost 8 per cent of Australians reported being unable to pay their mortgage or rent on time — the highest proportion since 2003. The findings provide another stark account of the cost-of-living and housing pressures experienced under the Albanese Government, as Australians confronted high inflation, rapidly rising rents, higher interest rates and escalating housing costs. Comments attributable to Senator Dean Smith: “The HILDA report puts numbers around what Australians are experiencing every day — household budgets stretched, housing increasingly unaffordable and too many young Australians watching the dream of independence and home ownership disappear over the horizon.” “The Albanese Government has been unable to get inflation and cost-of-living pressures under control, leaving Australians paying the price through higher household bills, higher rents and greater pressure on mortgage repayments.” “Australians are working harder but their earnings have not kept pace with the rising cost of housing and other essentials, with record employment failing to deliver greater financial security.” “When 18 per cent of Australians are experiencing food insecurity and almost one in four private renters are in housing stress, there can be no pretending the cost-of-living crisis is over.” “The failure to address Australia’s housing affordability crisis is changing the lives of an entire generation, with half of 18 to 29-year-olds now living with their parents.” “The Albanese Government promised cheaper living costs and more affordable housing, but Australians have instead endured high inflation, rapidly rising rents and housing costs that have placed enormous pressure on household budgets.” “Australians can do everything expected of them — get an education, find a job and work hard — and still struggle to afford rent, meet a mortgage or save enough to leave home.” “Australia cannot accept a future where an entire generation works harder, pays more and waits longer to achieve the security and independence their parents took for granted.” ENDS  

WA FIRST HOME BUYERS BORROW $6.6 BILLION SINCE EXPANSION OF 5% DEPOSIT SCHEME

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 21 September 2026 MEDIA RELEASE WA FIRST HOME BUYERS BORROW $6.6 BILLION SINCE EXPANSION OF 5% DEPOSIT SCHEME Western Australian first home buyers have borrowed a massive $6.6 billion since the Albanese Government expanded its 5 per cent deposit scheme, leaving thousands heavily exposed as house prices fall and interest rates rise. Seasonally adjusted ABS lending figures show that between 1 October 2025 and 30 June 2026, 11,099 WA first home buyers took out $6.60 billion in new owner-occupier loans. The data, commissioned by Western Australian Liberal Senator Dean Smith from the Parliamentary Library, shows first home buyer borrowing surged by more than $1 billion compared with the preceding nine months. In the nine months immediately before the scheme was expanded, WA first home buyers borrowed about $5.58 billion. In the following nine months, that jumped to $6.60 billion — an increase of more than 18 per cent. The Albanese Government expanded the scheme from 1 October 2025, removing income limits, making places unlimited and lifting eligible property price caps to $850,000 in Perth and $600,000 across regional WA. The expansion poured additional borrowing capacity into an already tight housing market as buyers competed for limited supply. Perth’s median house price subsequently surged by more than $150,000 to reach $1 million over the past year. It’s estimated more than 230,000 Australians have accessed the 5% deposit scheme since its commencement in 2020 with Western Australia consistently recording a high uptake of the scheme among the states. But the environment confronting those recent buyers has now changed dramatically. The Albanese Government’s May Budget announced major changes to negative gearing and capital gains tax arrangements designed to put downward pressure on property prices — just months after expanding a policy that boosted first home buyer purchasing power. Buyer activity has since weakened, with Perth’s median house price falling 3.2 per cent over the August 2026 quarter. That leaves the 11,099 first home buyers who entered the WA market between October and June particularly exposed. Many bought with deposits as low as 5 per cent and now face falling property values, higher mortgage repayments and continuing cost-of-living pressures. Comments attributable to Senator Dean Smith: “More than 11,000 WA first home buyers borrowed $6.6 billion in just nine months after Labor dramatically expanded its 5 per cent deposit scheme.” “The expansion of the 5% deposit scheme was a major driver in enticing more than 11,000 first home buyers into a rising market.” “That was more than $1 billion extra borrowing compared with the previous nine months, poured into one of the tightest housing markets in the country.” “Labor encouraged first home buyers into the market with deposits as low as 5 per cent, only to change negative gearing and capital gains tax months later with the express purpose of making housing cheaper.” “Thousands of young Western Australians who bought in good faith are now caught between falling property values, rising interest rates and enormous mortgages.” “For a first home buyer with only 5 per cent equity, even a relatively modest fall in the value of their home can put that equity at risk.” “Labor told Australians its housing policies were working, yet instead, its contradictory policies risk turning the dream of home ownership into a financial nightmare for the very people it promised to help.” ENDS