Australia has put itself at the centre of a great global experiment: how to create a fair housing market.
For generations, politicians have vowed to deliver the “great Australian dream” for as many voters as they could — namely ownership of a suburban house with a garden and a swimming pool. But with house prices in Sydney and Melbourne among the most expensive in the world, many argue the dream is broken, especially for the country’s youth.
Prime Minister Anthony Albanese’s government is now unwinding some of the tax incentives that have contributed to a 400 per cent rise in prices since 1999.
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