Economist Warns Housing Affordability Issues Causing Wealth Inequality

A leading economist has warned that declining home-ownership rates among younger people is a major contributor to rising inter-generational wealth inequality in Australia.

Saul Eslake, the former chief economist of ANZ, addressed the issue of housing affordability on Tuesday at this year’s Australian Council of Social Services (ACOSS) National Conference, held in Melbourne in partnership with VCOSS.

The conference brings together community leaders, policy makers, academics and people with lived experience to collectively tackle the issues driving inequality in Australia, with this year’s event focused on ‘Australia in 2030: Creating the future we want’.

“There are few more important needs that we as people have than housing. Housing, when properly done, is a source of security, shelter, a form of identity, and for some who are fortunate, a path to accumulating wealth,” Eslake said.

“When done badly, it is none of those things. It’s a source of angst, anxiety, and in some cases, a path to poverty.”

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