The fastest-growing house prices aren't where you think
Older homes – where more value lies in the land than in the dwelling – on sites close to public transport, employment hubs or activity centres, will continue to rise in value because of their development potential, Longview chief executive and former Victorian state Labor MP Evan Thornley said.
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Sky News AU
2 hours ago
- Sky News AU
Anthony Albanese to face mounting pressure from Coalition on when he'll meet Donald Trump in person as federal parliament resumes
Prime Minister Anthony Albanese is set to face heavy questioning over his China trip and why he is yet to secure a face-to-face meeting with President Donald Trump. The Labor leader is yet to speak in person with the US commander-in-chief - who was sworn in more than six months ago - amid looming reciprocal tariffs. The Australian's Foreign Editor Greg Sheridan told Sky News a meeting between the two leaders has 'got to occur' and 'the sooner the better'. 'The United States has something like a trillion dollars of cumulative investment in Australia that totally dwarfs anything from China. An investment, in the end, is much more important than trade,' he said to host James Macpherson on Monday night. 'It is up to Albanese in the national interest to manage his relationship with Trump. He's been ill-advised and made bad decisions all the way through.' Mr Albanese on Monday insisted he is available for a meeting and pointed to the range of international forums coming up this year where he could meet President Trump.
SBS Australia
2 hours ago
- SBS Australia
Parliament is back. Here's what the parties have on their agenda
Labor's honeymoon period continues this week as a large cohort of new politicians joins the 48th parliament, ready to implement the mandate Australians voted for. Tuesday will largely be ceremonial before parliament resumes on Wednesday, and with it, a marathon of first speeches across several days, with 40 new senators and MPs to be sworn in. With an increased majority, holding 94 of 150 lower house seats, Labor will have 24 new MPs deliver their opening addresses. Newly elected federal MPs will be sworn in this week after a training session learning about their new roles. Source: AAP / Lukas Coch First up will be "leader slayers" Ali France and Sarah Witty, who ousted former Liberal leader Peter Dutton and former Greens leader Adam Bandt, respectively. Amid the formalities, the re-elected government now faces pressure to deliver the priorities it set out during the election. All eyes will also be on Question Time as Prime Minister Anthony Albanese adjusts to a new opponent in the House of Representatives chamber, with Liberal leader Sussan Ley taking her place across from him. So what can we expect from the major parties? LABOR The Albanese government has made its first sitting fortnight agenda clear: wiping student debt, increasing safety measures for children in childcare and protecting penalty rates. Labor will introduce a bill cutting student debt by 20 per cent retrospectively from 1 June, slashing roughly $16 billion from balances, amid wider reforms to the repayment system. The legislation should be passed quickly, breezing through the lower house where Labor holds a majority, and the upper house, where the Greens are expected to vote for the changes. Speaking to Labor Party caucus on Monday, Albanese said he hopes to "restore confidence in a system in which we should be confident caring for our vulnerable little ones". The Albanese government has vowed to strengthen protections, increase fines for poor quality operators and establish an independent regulator as part of the childcare centre reforms. THE COALITION After a short-lived split in May, the Liberal and National parties are adamant that they are back together, united and ready to hold Labor accountable with a strong opposition. New Liberal leader Sussan Ley sought to boost morale on Monday after May's election loss, firing up the Opposition caucus with vows not to "get out" of Labor's way. "Mr Albanese is giving interviews and suggesting we should just get out of the way. We will not," Ley said. Liberal leader Sussan Ley says the Coalition is ready to work hard for the millions of Australians that voted for them. Source: AAP / Mick Tsikas She singled out cost-of-living relief as a key issue to prosecute, as well as fighting against raising taxes , after ABC reported leaked documents show Treasury advised the government to raise taxes and cut spending after the election. "I have not met a single Australian who wants to pay more tax, who thinks they are paying not enough tax," she said. "What I do know is that every single Australian expects this government to minimise their tax bill, to work hard for them and to make sure that they run a responsible budget with responsible economic management across the country." While the Opposition's policies are still under review following the election, education spokesperson Jonathan Duniam conceded the pitch to cut international student numbers by 80,000 "wasn't as constructive as it could have otherwise been". "I think we need to have a proper and open discussion with both the university sector and the community more broadly about how we can approach this," he told ABC's Insiders program on Sunday. THE GREENS With the balance of power in the Senate, the Greens will be crucial to Labor passing its agenda. Senator Jordon Steele John has indicated the party may use the power to pressure Labor to review policies, like adding dental to Medicare. While points of contention remain unclear, Senator Sarah Hanson-Young stressed the party will be "constructive" as it scrutinises the bills introduced to parliament. "They don't have the numbers in the Senate, and that is because the Australian people want to make sure the Senate is a backstop for them, an insurance for them," she told reporters on Monday. "And the Greens take that responsibility very, very seriously."
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
Justin has $300,000 in the bank but can't get a home loan
While Flowers was told he could borrow $200,000, the total would not let him buy a home that suited his life. 'It's not practical for me to buy a property in a regional area or small apartment – I have kids I want to see every day.' A 2024 report by Swinburne University of Technology found about 508,000 people aged 55-plus were at risk of 'non-supported housing precarity' in 2019-20 – neither poor enough to qualify for housing assistance nor wealthy enough to buy. 'The problem is, after they go through that first hurdle of being approved by the government, they have to find finance from the bank … which introduces its own restrictions about not lending to older people,' say report co-authors Dr Piret Veeroja and Professor Wendy Stone. 'The governments can provide the settings, regulations and the motivation for the finance sector to reduce its discrimination against older people … really bringing the financial sector on board is a necessary part of the puzzle,' Stone says. Stone says shared equity schemes can work well for some, but older applicants they've spoken to who may be eligible face more complex hurdles. Stone says the aged pension rate is 'set on the assumption that people don't have that large housing cost in retirement'. 'But it's impossible to afford a mortgage or find anything that's affordable in a private market on that payment,' she said. Sally Tindall, Canstar's data insights director, says the government could 'work out a scheme … [where] the bank is happy to take on additional risk for someone over 55.' She says government is canvassing solutions, including a reverse mortgage program and abovementioned housing initiatives, but says Help to Buy is 'probably geared towards younger Australians'. 'It could be a good avenue for all Australians, but more needs to be done,' she says. Tindall says the low uptake of the Family Home Guarantee, which offers 2 per cent deposit and requires a bigger loan, suggests it is not fit for purpose. 'People over 55 who don't have a steady stream of income and an exit strategy are not passing the banks' serviceability test, and the banks can't waive those tests because it's a lot more risk for them.' When ex-police officer Naomi Oakley, 56, divorced nine years ago, she had no savings and was raising three children on one wage. After years of saving, she had $70,000; she applied for a home loan and was rejected. She was devastated. Loading She eventually purchased a three-bedroom unit in Skye, outer south-eastern Melbourne – further from the city than she wanted and far from family and support networks. 'I don't go out for dinner and … getting my hair done is a luxury – you have to give up those small things to have a loan at my age,' Oakley says. 'I also think, 'oh god, I'm in my mid-50s, will I get ill before I pay it off?' But you just have to be positive.' A federal government spokesman says Labor's Help to Buy scheme 'will help Australians get into home ownership with as little as a 2 per cent deposit, and a much smaller mortgage – an important option for those who might need a shorter mortgage term'. 'For older renters, we're making renting more secure with 80,000 long, five-year lease rentals and through our Better Deal for Renters, which is ending no-grounds evictions and rent bidding,' he adds. Brendan Coates, a retirement income expert at Grattan Institute, says Help to Buy is only useful for wealthier renters on the brink of purchasing. 'It's useful for older renters who will often have a deposit but won't have enough time left in the workforce to pay off the loan,' he says. 'Most renters have less than $100,000 in savings – there's no way they can buy a home, particularly if they're approaching retirement.' Raising rent assistance by 50 per cent for singles and 40 per cent for couples should be a priority, Coates says. Shadow Minister for Housing and Homelessness, Andrew Bragg, said: 'The only way to increase home ownership is to boost housing supply. Under the Coalition, Australia was averaging 190,000 new homes per year. Under Labor, we're barely hitting 170,000 new homes per year. 'Labor's Home Guarantee Scheme is almost useless for many mature first home buyers who will be told 'no' by their lender.' Flowers hopes he can eventually buy something, even if it's to leave to his kids. 'I grew up hearing about Australia the lucky country – doesn't feel too lucky to me, and it won't be like that for our children.'
