Struggling Australians have hit back with force at the Reserve Bank governor’s “out-of-touch” solution to the country’s housing crisis, arguing he should take his own advice before telling others to get a roommate.
At a senate estimates hearing on Wednesday morning, Philip Lowe warned that not enough homes are being built to keep up with the nation’s population growth, consequently driving up rent and the cost of living.
“The vacancy rates in each city are very low … there are few things that have contributed to that,” he said, before explaining how the pandemic led to a decline in the number of people per household.
“People wanted more space, they were working from home … so the average number of people living in each dwelling declined and that increased the demand for the total number of dwellings.”
Apparently, it’s our own fault.
“The population is increasing by 2 per cent this year, are there 2 per cent more houses? No,” he said.
A tacit admission the government is at fault for reopening the immigration floodgates, and that its plans to boost supply are woefully inadequate.
Mr Lowe proposed the only way to fix this crisis was to continue raising rents and house prices, which he said would act as a deterrent for people wanting to move out from their parents’ house or live alone.
That’s insane. It will make housing even less affordable and force entire families onto the streets, not back home.
“The higher prices do lead people to economise on housing, don’t they? Kids don’t move out of home because the rent is too expensive, or you decide to get a flatmate or a housemate,” he said.
“We need more people on average to live in each dwelling and prices do that.”
Let them eat cake. He’s been rightfully slammed:
“Pretty sure Lowe isn’t sharing his multimillion mansion with a couple housemates to keep costs down,” former journalist Tyron Butson argued.
Meanwhile, higher education reporter at The Guardian, Caitlin Cassidy, suggested a “petition” for Mr Lowe to try share housing in Sydney.
Author Jason Om was also left gobsmacked by the governor’s comments, prompting photographer Andrew Griffiths to reply: “When are we all moving into Philip’s house?”.
A Sydney barrister later ridiculed: “F**k yeah, I’m moving in with Philip Lowe! I can’t wait to check out my new rooms, I bet we’ve got a great view of something.”
“We are going to wear PJs and discuss the natural taste of unemployment and ethics.”
Meanwhile, homeowners who are also parents have indicated they too are struggling, suggesting Mr Lowe’s solution won’t be practical when they are unable to afford a mortgage.
“I’m about two more interest rate hikes away from being unable to maintain the mortgage on the family home of 14 years,” one Sydneysider tweeted.
“I’m just one single parent – with a special-needs child – being driven towards bankruptcy by Philip Lowe and I’m angry.”
Another parent offered for Mr Lowe to move in with them and their “family challenges”.
“You’ll need to pay one third of the rent and help with toddler tantrums,” they tweeted.
Another Australian labelled Mr Lowe’s solution a “bandaid for your bullet holes”, suggesting the short-term fix won’t help in the long term.
Basically, Australia’s rulers are taking the same approach as during lockdowns. You’re getting mass immigration, inflation and unaffordable rents and mortgages whether you like it or not.
The Regime needs mass immigration to keep GDP growing so they can make it look like Australia has a strong economy so they can attract more migrants to keep GDP growing.
It is a giant Ponzi and the moment it stops it will all fall apart.
They are hoping they can import enough brown, docile wage slaves so that civil unrest from White Anglo Aussies won’t matter.
They understand that popular anger is rising so they are simply trying to manage it. If their response remains as tone-deaf as yesterday’s effort, expect unrest to grow.