
Housing, TAFE, arts budget boosts as state growth slows
NSW state economy - $880 billion
Growth in 2025/26 - 1.75 per cent (stable)
Revenue - $124.2b (up 5.1 per cent)
Expenses - $127.6b (up 3.0)
Budget result - $3.4b deficit
Gross debt - $178.8 billion
Unemployment rate - 4.25 per cent (up from 4.0 per cent)
BUDGET ANNOUNCEMENTS
HOUSING
* An Australian-first $1 billion pre-sale fund to help get 15,000 low- and medium-density homes off the ground
* $145 million across four years for the state's Building Commission to hire more prosecutors, investigators and inspectors to weed out dodgy residential builds
* $30.4 million crisis intervention package for homelessness services
* Extension of build-to-rent tax concessions beyond slated 2039 end date
COMMUNITIES
* $1.2 billion on child protection, including substantial boost for foster carer allowances
* $110 million to maintain public spaces, including the repair of heritage-listed Pyrmont Bridge and maintenance of fire trails
* Commonwealth Veteran Card holders will receive free vehicle entry to all NSW National Parks
* $25.8 million to support community sport
* $6 million for animal rehoming organisations
ARTS
* Establishment of a $100 million fund to find a suitable location for a second major film studio in Sydney
* $280.6 million in rebates for the screen and digital games sector
* $40.6 million for 24-hour Commissioner and Sound NSW
TRANSPORT:
* $452 million to increase bus services, including 50 new "bendy" buses and more regular school bus services in outer Sydney and regional areas
* Road upgrades and new signage around Western Sydney Airport and $250 million to finish the widening of Mona Vale Rd, a critical artery in north Sydney.
* Major road upgrades in Dapto and Queanbeyan and repairs in flood-affected Hunter and Northern Rivers
EDUCATION:
* $9 billion across four years for public school infrastructure, largely focused on growing suburban communities
* $3.4 billion towards TAFE and upskilling, including $40 million to enable 23,000 construction students to complete their apprenticeships for free
HEALTH:
* Another $700 million towards construction of the $2 billion Bankstown Hospital and relocation of Bankstown TAFE
* A statewide pathology hub to be established at Westmead, with the $492 million investment to include an upgrade to a high-security lab researching dangerous pathogens such as Ebola and measles
* $23 million to cut down the overdue surgery list by 3500
* $83 million to bolster maternity care
ABORIGINAL AFFAIRS
* $202 million for Closing the Gap projects, including $23 million towards community-led suicide prevention programs
LAW AND ORDER:
* $125.8 million for cybersecurity and hardware upgrades to NSW Police
* $227 million across five years to help victims of violent crime access counselling
* About $100 million to upgrade the state's busiest courthouse and employ more prosecutors, solicitors and witness assistance officers
INNOVATION AND BUSINESS:
* $80 million in innovation funding, including $38.5 million to boost technology hub TechCentral
* A four-person Investment Delivery Authority to fast-track planning approvals for billion-dollar projects
THE FIGURES
NSW state economy - $880 billion
Growth in 2025/26 - 1.75 per cent (stable)
Revenue - $124.2b (up 5.1 per cent)
Expenses - $127.6b (up 3.0)
Budget result - $3.4b deficit
Gross debt - $178.8 billion
Unemployment rate - 4.25 per cent (up from 4.0 per cent)
BUDGET ANNOUNCEMENTS
HOUSING
* An Australian-first $1 billion pre-sale fund to help get 15,000 low- and medium-density homes off the ground
* $145 million across four years for the state's Building Commission to hire more prosecutors, investigators and inspectors to weed out dodgy residential builds
* $30.4 million crisis intervention package for homelessness services
* Extension of build-to-rent tax concessions beyond slated 2039 end date
COMMUNITIES
* $1.2 billion on child protection, including substantial boost for foster carer allowances
* $110 million to maintain public spaces, including the repair of heritage-listed Pyrmont Bridge and maintenance of fire trails
* Commonwealth Veteran Card holders will receive free vehicle entry to all NSW National Parks
* $25.8 million to support community sport
* $6 million for animal rehoming organisations
ARTS
* Establishment of a $100 million fund to find a suitable location for a second major film studio in Sydney
* $280.6 million in rebates for the screen and digital games sector
* $40.6 million for 24-hour Commissioner and Sound NSW
TRANSPORT:
* $452 million to increase bus services, including 50 new "bendy" buses and more regular school bus services in outer Sydney and regional areas
* Road upgrades and new signage around Western Sydney Airport and $250 million to finish the widening of Mona Vale Rd, a critical artery in north Sydney.
* Major road upgrades in Dapto and Queanbeyan and repairs in flood-affected Hunter and Northern Rivers
EDUCATION:
* $9 billion across four years for public school infrastructure, largely focused on growing suburban communities
* $3.4 billion towards TAFE and upskilling, including $40 million to enable 23,000 construction students to complete their apprenticeships for free
HEALTH:
* Another $700 million towards construction of the $2 billion Bankstown Hospital and relocation of Bankstown TAFE
* A statewide pathology hub to be established at Westmead, with the $492 million investment to include an upgrade to a high-security lab researching dangerous pathogens such as Ebola and measles
* $23 million to cut down the overdue surgery list by 3500
* $83 million to bolster maternity care
ABORIGINAL AFFAIRS
* $202 million for Closing the Gap projects, including $23 million towards community-led suicide prevention programs
LAW AND ORDER:
* $125.8 million for cybersecurity and hardware upgrades to NSW Police
* $227 million across five years to help victims of violent crime access counselling
* About $100 million to upgrade the state's busiest courthouse and employ more prosecutors, solicitors and witness assistance officers
INNOVATION AND BUSINESS:
* $80 million in innovation funding, including $38.5 million to boost technology hub TechCentral
* A four-person Investment Delivery Authority to fast-track planning approvals for billion-dollar projects
THE FIGURES
NSW state economy - $880 billion
Growth in 2025/26 - 1.75 per cent (stable)
Revenue - $124.2b (up 5.1 per cent)
Expenses - $127.6b (up 3.0)
Budget result - $3.4b deficit
Gross debt - $178.8 billion
Unemployment rate - 4.25 per cent (up from 4.0 per cent)
BUDGET ANNOUNCEMENTS
HOUSING
* An Australian-first $1 billion pre-sale fund to help get 15,000 low- and medium-density homes off the ground
* $145 million across four years for the state's Building Commission to hire more prosecutors, investigators and inspectors to weed out dodgy residential builds
* $30.4 million crisis intervention package for homelessness services
* Extension of build-to-rent tax concessions beyond slated 2039 end date
COMMUNITIES
* $1.2 billion on child protection, including substantial boost for foster carer allowances
* $110 million to maintain public spaces, including the repair of heritage-listed Pyrmont Bridge and maintenance of fire trails
* Commonwealth Veteran Card holders will receive free vehicle entry to all NSW National Parks
* $25.8 million to support community sport
* $6 million for animal rehoming organisations
ARTS
* Establishment of a $100 million fund to find a suitable location for a second major film studio in Sydney
* $280.6 million in rebates for the screen and digital games sector
* $40.6 million for 24-hour Commissioner and Sound NSW
TRANSPORT:
* $452 million to increase bus services, including 50 new "bendy" buses and more regular school bus services in outer Sydney and regional areas
* Road upgrades and new signage around Western Sydney Airport and $250 million to finish the widening of Mona Vale Rd, a critical artery in north Sydney.
* Major road upgrades in Dapto and Queanbeyan and repairs in flood-affected Hunter and Northern Rivers
EDUCATION:
* $9 billion across four years for public school infrastructure, largely focused on growing suburban communities
* $3.4 billion towards TAFE and upskilling, including $40 million to enable 23,000 construction students to complete their apprenticeships for free
HEALTH:
* Another $700 million towards construction of the $2 billion Bankstown Hospital and relocation of Bankstown TAFE
* A statewide pathology hub to be established at Westmead, with the $492 million investment to include an upgrade to a high-security lab researching dangerous pathogens such as Ebola and measles
* $23 million to cut down the overdue surgery list by 3500
* $83 million to bolster maternity care
ABORIGINAL AFFAIRS
* $202 million for Closing the Gap projects, including $23 million towards community-led suicide prevention programs
LAW AND ORDER:
* $125.8 million for cybersecurity and hardware upgrades to NSW Police
* $227 million across five years to help victims of violent crime access counselling
* About $100 million to upgrade the state's busiest courthouse and employ more prosecutors, solicitors and witness assistance officers
INNOVATION AND BUSINESS:
* $80 million in innovation funding, including $38.5 million to boost technology hub TechCentral
* A four-person Investment Delivery Authority to fast-track planning approvals for billion-dollar projects
THE FIGURES
NSW state economy - $880 billion
Growth in 2025/26 - 1.75 per cent (stable)
Revenue - $124.2b (up 5.1 per cent)
Expenses - $127.6b (up 3.0)
Budget result - $3.4b deficit
Gross debt - $178.8 billion
Unemployment rate - 4.25 per cent (up from 4.0 per cent)
BUDGET ANNOUNCEMENTS
HOUSING
* An Australian-first $1 billion pre-sale fund to help get 15,000 low- and medium-density homes off the ground
* $145 million across four years for the state's Building Commission to hire more prosecutors, investigators and inspectors to weed out dodgy residential builds
* $30.4 million crisis intervention package for homelessness services
* Extension of build-to-rent tax concessions beyond slated 2039 end date
COMMUNITIES
* $1.2 billion on child protection, including substantial boost for foster carer allowances
* $110 million to maintain public spaces, including the repair of heritage-listed Pyrmont Bridge and maintenance of fire trails
* Commonwealth Veteran Card holders will receive free vehicle entry to all NSW National Parks
* $25.8 million to support community sport
* $6 million for animal rehoming organisations
ARTS
* Establishment of a $100 million fund to find a suitable location for a second major film studio in Sydney
* $280.6 million in rebates for the screen and digital games sector
* $40.6 million for 24-hour Commissioner and Sound NSW
TRANSPORT:
* $452 million to increase bus services, including 50 new "bendy" buses and more regular school bus services in outer Sydney and regional areas
* Road upgrades and new signage around Western Sydney Airport and $250 million to finish the widening of Mona Vale Rd, a critical artery in north Sydney.
* Major road upgrades in Dapto and Queanbeyan and repairs in flood-affected Hunter and Northern Rivers
EDUCATION:
* $9 billion across four years for public school infrastructure, largely focused on growing suburban communities
* $3.4 billion towards TAFE and upskilling, including $40 million to enable 23,000 construction students to complete their apprenticeships for free
HEALTH:
* Another $700 million towards construction of the $2 billion Bankstown Hospital and relocation of Bankstown TAFE
* A statewide pathology hub to be established at Westmead, with the $492 million investment to include an upgrade to a high-security lab researching dangerous pathogens such as Ebola and measles
* $23 million to cut down the overdue surgery list by 3500
* $83 million to bolster maternity care
ABORIGINAL AFFAIRS
* $202 million for Closing the Gap projects, including $23 million towards community-led suicide prevention programs
LAW AND ORDER:
* $125.8 million for cybersecurity and hardware upgrades to NSW Police
* $227 million across five years to help victims of violent crime access counselling
* About $100 million to upgrade the state's busiest courthouse and employ more prosecutors, solicitors and witness assistance officers
INNOVATION AND BUSINESS:
* $80 million in innovation funding, including $38.5 million to boost technology hub TechCentral
* A four-person Investment Delivery Authority to fast-track planning approvals for billion-dollar projects
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Sydney Morning Herald
21 minutes ago
- Sydney Morning Herald
Latitude 66 offloads Qld copper for $2M upfront and future upside
Latitude 66 has cashed in on a non-core asset, locking in $2 million in upfront funding by selling its 17.5 per cent stake in the Greater Duchess copper-gold project in Queensland, which it owns with ASX-listed Carnaby Resources. The company has also positioned itself for a further $4 million windfall if the full project changes hands in the coming months. The company has signed a non-binding term sheet with Argonaut Partners and Neon Space to offload its interest, with a baked-in bonus clause. If the entire joint venture is snapped up within 90 days of the announcement, Latitude will receive a further $4 million in cash or the same value in ASX-listed shares, based on the 30-day volume-weighted average price. 'The sale transaction announced today is in line with our strategy to unlock value from our Australian assets.' Latitude 66 managing director Grant Coyle Alternatively, if the new buyers decide to flick the stake onto a third party other than Carnaby, the company could still bank 50 per cent of any upside above $4 million, giving the deal serious contingent kicker potential. Under the joint venture terms, Carnaby has been formally offered the same deal under a right-of-first-refusal clause. It now has 30 days to match the terms and acquire Latitude's share itself. If Carnaby exercises its right, Argonaut and Neon Space will be compensated with 7.5 million unlisted options in Latitude, exercisable at 7.5 cents and valid until June 2028. Latitude 66 managing director Grant Coyle said: 'The Greater Duchess joint venture is a non-core asset and the sale transaction announced today is in line with our strategy to unlock value from our Australian assets. This transaction is well timed to provide Lat66 with near term, non-dilutive funding that will enable the company to continue advancing its Finnish and Western Australian projects.'


The Advertiser
40 minutes ago
- The Advertiser
The average home is now worth $1 million. This boom is blowing up in a bad way
More than two decades ago, former prime minister John Howard said, "I don't get people stopping me in the street and saying, 'John you're outrageous, under your government the value of my house has increased".' The nation's home owners would have been pleased by recent news from the Australian Bureau of Statistics (ABS) that the national mean price of residential dwellings had risen to $1,002,500, the first time it has passed the million-dollar mark. Of course, that level was exceeded long ago in many city suburbs, with prices in regional areas also going sky-high as sea and tree changers took real estate windfalls and relocated. Around 66 per cent of Australian households own their own home with or without a mortgage. Home ownership, with a consistent rise in values, is Australians' most important asset, along with superannuation, which ticks over in the background, accessible only in later years. Renters, numbering one-third of Australian households, have also experienced the impacts of the ongoing property boom, except not in a good way. They are mostly dependent on the one-in-five households that own residential properties other than their usual domicile. For the record, one in 25 of these owners has four or more properties. Yet very few are affordable to low-income earners. Anglicare Australia's 2025 Rental Affordability Snapshot surveyed 51,238 rental listings across Australia and found that just 352 rentals (0.7 per cent) were affordable for a person earning a full-time minimum wage. Almost none was affordable for a person on JobSeeker wanting a room in a share house, and none for a person on Youth Allowance. Median advertised rents have risen 35 per cent since this government came to office, more than three times the rise in wages. Another recent report, Rights at risk: Rising rents and repercussions, by ACOSS and the University of NSW, carries further alarming findings. Almost seven in 10 people who rent privately worry about asking for repairs in case they face a rent increase, with 56 per cent fearing it would lead to eviction and 52 per cent fearing being placed on a blacklist that would prevent them renting another property. Half of all renters live in homes that need repairs, one in 10 urgently. Almost one-in-five bathrooms has mould, which is a major health risk. Some 82 per cent of renters would find a 5 per cent rent hike "difficult or very difficult". A significant problem, and a major eyesore, is that many potential rentals are left empty - around a million Australia-wide. If occupied, these so-called "speculative vacancies" could greatly assist would-be renters. St Vincent de Paul Society calls for taxation reform to incentivise the use of long-term vacant residential properties and land. Homes that are rented have the added benefit (to owners) of generous tax concessions, both during ownership and at point of sale. This creates a considerable loss to the Treasury, with the Parliamentary Budget Office calculating that tax revenue foregone over the decade to 2034-35 due to negative gearing deductions and the capital gains tax (CGT) discount on residential investment properties will total a massive $165 billion. This is money lost to healthcare, education, housing and other social essentials. St Vincent de Paul Society regards housing as a basic human right and we firmly believe all Australians deserve a secure place to live. Properties should be treated primarily as homes, not investment opportunities. The Society supports reducing CGT concessions from 50 per cent to 37.5 per cent to generate revenue that could be used to improve social services, plus a review of negative gearing. The government should increase needs-based funding of homelessness services and permanent supportive housing, including client-led support services. If not now, when? The last census recorded 122,494 people experiencing homelessness, and that was four years ago. Governments should fund and perhaps mandate policies that improve energy efficiency in low-income households, including apartment buildings. This goes hand in hand with funding and legislating national minimum standards for renters. The package known as "A Better Deal for Renters" was endorsed by national cabinet in 2023 with the promise that, "These changes will make a tangible impact for the almost one-third of Australian households who rent". The plan is yet to be fully implemented. Meanwhile, rent increases have accelerated, and pests are the most common tenant complaint, affecting one-third of premises. We're urging for a compassionate review of the base rate of working-age payments to lift recipients above the poverty line. So many people simply cannot afford decent housing. Achieving this basic goal is fundamental to Australia's future and for our much-prized social harmony. As the Human Rights Law Centre puts it, "every person should have a safe, secure and healthy place to call home, regardless of your postcode or bank balance. Yet too many Australians are homeless, live in inadequate, insecure or unsafe housing, or need to sacrifice other necessities - from food to school uniforms - to keep a roof over their heads." Our members see these challenges every day, and while we can offer assistance within our means, structural change to the national housing market is needed urgently. More than two decades ago, former prime minister John Howard said, "I don't get people stopping me in the street and saying, 'John you're outrageous, under your government the value of my house has increased".' The nation's home owners would have been pleased by recent news from the Australian Bureau of Statistics (ABS) that the national mean price of residential dwellings had risen to $1,002,500, the first time it has passed the million-dollar mark. Of course, that level was exceeded long ago in many city suburbs, with prices in regional areas also going sky-high as sea and tree changers took real estate windfalls and relocated. Around 66 per cent of Australian households own their own home with or without a mortgage. Home ownership, with a consistent rise in values, is Australians' most important asset, along with superannuation, which ticks over in the background, accessible only in later years. Renters, numbering one-third of Australian households, have also experienced the impacts of the ongoing property boom, except not in a good way. They are mostly dependent on the one-in-five households that own residential properties other than their usual domicile. For the record, one in 25 of these owners has four or more properties. Yet very few are affordable to low-income earners. Anglicare Australia's 2025 Rental Affordability Snapshot surveyed 51,238 rental listings across Australia and found that just 352 rentals (0.7 per cent) were affordable for a person earning a full-time minimum wage. Almost none was affordable for a person on JobSeeker wanting a room in a share house, and none for a person on Youth Allowance. Median advertised rents have risen 35 per cent since this government came to office, more than three times the rise in wages. Another recent report, Rights at risk: Rising rents and repercussions, by ACOSS and the University of NSW, carries further alarming findings. Almost seven in 10 people who rent privately worry about asking for repairs in case they face a rent increase, with 56 per cent fearing it would lead to eviction and 52 per cent fearing being placed on a blacklist that would prevent them renting another property. Half of all renters live in homes that need repairs, one in 10 urgently. Almost one-in-five bathrooms has mould, which is a major health risk. Some 82 per cent of renters would find a 5 per cent rent hike "difficult or very difficult". A significant problem, and a major eyesore, is that many potential rentals are left empty - around a million Australia-wide. If occupied, these so-called "speculative vacancies" could greatly assist would-be renters. St Vincent de Paul Society calls for taxation reform to incentivise the use of long-term vacant residential properties and land. Homes that are rented have the added benefit (to owners) of generous tax concessions, both during ownership and at point of sale. This creates a considerable loss to the Treasury, with the Parliamentary Budget Office calculating that tax revenue foregone over the decade to 2034-35 due to negative gearing deductions and the capital gains tax (CGT) discount on residential investment properties will total a massive $165 billion. This is money lost to healthcare, education, housing and other social essentials. St Vincent de Paul Society regards housing as a basic human right and we firmly believe all Australians deserve a secure place to live. Properties should be treated primarily as homes, not investment opportunities. The Society supports reducing CGT concessions from 50 per cent to 37.5 per cent to generate revenue that could be used to improve social services, plus a review of negative gearing. The government should increase needs-based funding of homelessness services and permanent supportive housing, including client-led support services. If not now, when? The last census recorded 122,494 people experiencing homelessness, and that was four years ago. Governments should fund and perhaps mandate policies that improve energy efficiency in low-income households, including apartment buildings. This goes hand in hand with funding and legislating national minimum standards for renters. The package known as "A Better Deal for Renters" was endorsed by national cabinet in 2023 with the promise that, "These changes will make a tangible impact for the almost one-third of Australian households who rent". The plan is yet to be fully implemented. Meanwhile, rent increases have accelerated, and pests are the most common tenant complaint, affecting one-third of premises. We're urging for a compassionate review of the base rate of working-age payments to lift recipients above the poverty line. So many people simply cannot afford decent housing. Achieving this basic goal is fundamental to Australia's future and for our much-prized social harmony. As the Human Rights Law Centre puts it, "every person should have a safe, secure and healthy place to call home, regardless of your postcode or bank balance. Yet too many Australians are homeless, live in inadequate, insecure or unsafe housing, or need to sacrifice other necessities - from food to school uniforms - to keep a roof over their heads." Our members see these challenges every day, and while we can offer assistance within our means, structural change to the national housing market is needed urgently. More than two decades ago, former prime minister John Howard said, "I don't get people stopping me in the street and saying, 'John you're outrageous, under your government the value of my house has increased".' The nation's home owners would have been pleased by recent news from the Australian Bureau of Statistics (ABS) that the national mean price of residential dwellings had risen to $1,002,500, the first time it has passed the million-dollar mark. Of course, that level was exceeded long ago in many city suburbs, with prices in regional areas also going sky-high as sea and tree changers took real estate windfalls and relocated. Around 66 per cent of Australian households own their own home with or without a mortgage. Home ownership, with a consistent rise in values, is Australians' most important asset, along with superannuation, which ticks over in the background, accessible only in later years. Renters, numbering one-third of Australian households, have also experienced the impacts of the ongoing property boom, except not in a good way. They are mostly dependent on the one-in-five households that own residential properties other than their usual domicile. For the record, one in 25 of these owners has four or more properties. Yet very few are affordable to low-income earners. Anglicare Australia's 2025 Rental Affordability Snapshot surveyed 51,238 rental listings across Australia and found that just 352 rentals (0.7 per cent) were affordable for a person earning a full-time minimum wage. Almost none was affordable for a person on JobSeeker wanting a room in a share house, and none for a person on Youth Allowance. Median advertised rents have risen 35 per cent since this government came to office, more than three times the rise in wages. Another recent report, Rights at risk: Rising rents and repercussions, by ACOSS and the University of NSW, carries further alarming findings. Almost seven in 10 people who rent privately worry about asking for repairs in case they face a rent increase, with 56 per cent fearing it would lead to eviction and 52 per cent fearing being placed on a blacklist that would prevent them renting another property. Half of all renters live in homes that need repairs, one in 10 urgently. Almost one-in-five bathrooms has mould, which is a major health risk. Some 82 per cent of renters would find a 5 per cent rent hike "difficult or very difficult". A significant problem, and a major eyesore, is that many potential rentals are left empty - around a million Australia-wide. If occupied, these so-called "speculative vacancies" could greatly assist would-be renters. St Vincent de Paul Society calls for taxation reform to incentivise the use of long-term vacant residential properties and land. Homes that are rented have the added benefit (to owners) of generous tax concessions, both during ownership and at point of sale. This creates a considerable loss to the Treasury, with the Parliamentary Budget Office calculating that tax revenue foregone over the decade to 2034-35 due to negative gearing deductions and the capital gains tax (CGT) discount on residential investment properties will total a massive $165 billion. This is money lost to healthcare, education, housing and other social essentials. St Vincent de Paul Society regards housing as a basic human right and we firmly believe all Australians deserve a secure place to live. Properties should be treated primarily as homes, not investment opportunities. The Society supports reducing CGT concessions from 50 per cent to 37.5 per cent to generate revenue that could be used to improve social services, plus a review of negative gearing. The government should increase needs-based funding of homelessness services and permanent supportive housing, including client-led support services. If not now, when? The last census recorded 122,494 people experiencing homelessness, and that was four years ago. Governments should fund and perhaps mandate policies that improve energy efficiency in low-income households, including apartment buildings. This goes hand in hand with funding and legislating national minimum standards for renters. The package known as "A Better Deal for Renters" was endorsed by national cabinet in 2023 with the promise that, "These changes will make a tangible impact for the almost one-third of Australian households who rent". The plan is yet to be fully implemented. Meanwhile, rent increases have accelerated, and pests are the most common tenant complaint, affecting one-third of premises. We're urging for a compassionate review of the base rate of working-age payments to lift recipients above the poverty line. So many people simply cannot afford decent housing. Achieving this basic goal is fundamental to Australia's future and for our much-prized social harmony. As the Human Rights Law Centre puts it, "every person should have a safe, secure and healthy place to call home, regardless of your postcode or bank balance. Yet too many Australians are homeless, live in inadequate, insecure or unsafe housing, or need to sacrifice other necessities - from food to school uniforms - to keep a roof over their heads." Our members see these challenges every day, and while we can offer assistance within our means, structural change to the national housing market is needed urgently. More than two decades ago, former prime minister John Howard said, "I don't get people stopping me in the street and saying, 'John you're outrageous, under your government the value of my house has increased".' The nation's home owners would have been pleased by recent news from the Australian Bureau of Statistics (ABS) that the national mean price of residential dwellings had risen to $1,002,500, the first time it has passed the million-dollar mark. Of course, that level was exceeded long ago in many city suburbs, with prices in regional areas also going sky-high as sea and tree changers took real estate windfalls and relocated. Around 66 per cent of Australian households own their own home with or without a mortgage. Home ownership, with a consistent rise in values, is Australians' most important asset, along with superannuation, which ticks over in the background, accessible only in later years. Renters, numbering one-third of Australian households, have also experienced the impacts of the ongoing property boom, except not in a good way. They are mostly dependent on the one-in-five households that own residential properties other than their usual domicile. For the record, one in 25 of these owners has four or more properties. Yet very few are affordable to low-income earners. Anglicare Australia's 2025 Rental Affordability Snapshot surveyed 51,238 rental listings across Australia and found that just 352 rentals (0.7 per cent) were affordable for a person earning a full-time minimum wage. Almost none was affordable for a person on JobSeeker wanting a room in a share house, and none for a person on Youth Allowance. Median advertised rents have risen 35 per cent since this government came to office, more than three times the rise in wages. Another recent report, Rights at risk: Rising rents and repercussions, by ACOSS and the University of NSW, carries further alarming findings. Almost seven in 10 people who rent privately worry about asking for repairs in case they face a rent increase, with 56 per cent fearing it would lead to eviction and 52 per cent fearing being placed on a blacklist that would prevent them renting another property. Half of all renters live in homes that need repairs, one in 10 urgently. Almost one-in-five bathrooms has mould, which is a major health risk. Some 82 per cent of renters would find a 5 per cent rent hike "difficult or very difficult". A significant problem, and a major eyesore, is that many potential rentals are left empty - around a million Australia-wide. If occupied, these so-called "speculative vacancies" could greatly assist would-be renters. St Vincent de Paul Society calls for taxation reform to incentivise the use of long-term vacant residential properties and land. Homes that are rented have the added benefit (to owners) of generous tax concessions, both during ownership and at point of sale. This creates a considerable loss to the Treasury, with the Parliamentary Budget Office calculating that tax revenue foregone over the decade to 2034-35 due to negative gearing deductions and the capital gains tax (CGT) discount on residential investment properties will total a massive $165 billion. This is money lost to healthcare, education, housing and other social essentials. St Vincent de Paul Society regards housing as a basic human right and we firmly believe all Australians deserve a secure place to live. Properties should be treated primarily as homes, not investment opportunities. The Society supports reducing CGT concessions from 50 per cent to 37.5 per cent to generate revenue that could be used to improve social services, plus a review of negative gearing. The government should increase needs-based funding of homelessness services and permanent supportive housing, including client-led support services. If not now, when? The last census recorded 122,494 people experiencing homelessness, and that was four years ago. Governments should fund and perhaps mandate policies that improve energy efficiency in low-income households, including apartment buildings. This goes hand in hand with funding and legislating national minimum standards for renters. The package known as "A Better Deal for Renters" was endorsed by national cabinet in 2023 with the promise that, "These changes will make a tangible impact for the almost one-third of Australian households who rent". The plan is yet to be fully implemented. Meanwhile, rent increases have accelerated, and pests are the most common tenant complaint, affecting one-third of premises. We're urging for a compassionate review of the base rate of working-age payments to lift recipients above the poverty line. So many people simply cannot afford decent housing. Achieving this basic goal is fundamental to Australia's future and for our much-prized social harmony. As the Human Rights Law Centre puts it, "every person should have a safe, secure and healthy place to call home, regardless of your postcode or bank balance. Yet too many Australians are homeless, live in inadequate, insecure or unsafe housing, or need to sacrifice other necessities - from food to school uniforms - to keep a roof over their heads." Our members see these challenges every day, and while we can offer assistance within our means, structural change to the national housing market is needed urgently.

Herald Sun
an hour ago
- Herald Sun
Qantas confirms up to 6 million customers hit in major cyber attack
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. Up to six million Qantas customers have been involved in a major cyber attack, with the airline warning that the amount of stolen data is expected to be 'significant'. While the data compromised did not include passport details and financial information, hackers were able to gain access to names, email addresses, frequent flyer numbers and date-of-birth details. The national carrier was alerted to suspicious activity on Monday after it detected 'unusual activity' on a third party platform used by Qantas airline contact centres. A statement released by the airline said staff took 'immediate steps' to contain the system breach and stressed there was no impact to the airline's operations or safety. 'We are continuing to investigate the proportion of the data that has been stolen, though we expect it will be significant,' it said. 'Importantly, credit card details, personal financial information and passport details are not held in this system. 'No frequent flyer accounts were compromised nor have passwords, PIN numbers or log in details been accessed.' Qantas chief executive Vanessa Hudson apologised to customers and said the company was 'working closely' with the national cyber security co-ordinator, the Australian Cyber Security Centre and independent specialised cyber security experts. The Australian Federal Police has also been notified. 'We sincerely apologise to our customers and we recognise the uncertainty this will cause. Our customers trust us with their personal information and we take that responsibility seriously,' she said. 'We are contacting our customers today and our focus is on providing them with the necessary support.' The major Qantas cyber attack comes after similar large-scale international hacks targeting Hawaiian Airlines. A government spokesman said any customers with concerns should contact Qantas directly and the cyber security co-ordinator was 'working closely' with the airline to provide assistance and advice. 'Qantas says no financial data has been accessed and is in the process of contacting customers,' he said. 'The best way for Australians to protect themselves online is to follow three basic rules – keep your software up to date, use strong pass phrases and set up multi-factor authentication.' The Coalition's cyber security spokeswoman Melissa Price said the major cyber incident was 'concerning'. 'With up to six million customers potentially impacted, this is a nationally significant cyber incident and Qantas needs to maintain open and honest communications,' she said. 'Australians travelling today should be reassured by statements that the safety of Qantas' operations remains unaffected. 'This is a stark reminder for all Australian businesses to take every available step to protect the data of Australians.' Originally published as Qantas confirms up to 6 million customers hit in major cyber attack