Thursday, July 11, 2024

Month: February 2024

Australian Housing Crisis: Full-Time Workers Forced Into Homelessness

In a stark expression of the mounting social crisis confronting the Australian working class, a growing number of people in paid employment are becoming homeless. Workers are increasingly being forced to sleep in their cars, camp in local parks, or couch surf, as a result of the widening chasm between wages and rent prices, and the profound shortage of public and social housing.

Charity organisation Mission Australia reports that four in ten people who sought assistance from a major homelessness charity in the past three years were employed but unable to meet the soaring cost of rent and other basic essentials.

Read the original article at wsws.org

Shock Sum Parents Need To Give Their Kids To Buy First Home

Australian parents will have to shell out increasingly large sums of money to help their children buy homes or risk them never making it onto the property ladder.

In decades past, buying a home was a relatively solitary thing, a goal set and achieved either as a single person or as part of a couple, but now buying a home has increasingly become an affair involving parents and other relatives.

According to investment and advisory group Jarden Australia, 15 per cent of borrowers are receiving an average of $92,000 from parents.