Young people and housing unaffordability - Peter Costello

[@russtang24]

The awkward look John gives when he realises Costello is completely missing the point 🤣🤣

[@tomasparriles6440]

Tell me, what its the missing point?

[@tricktap8502]

@@tomasparriles6440 Johns basically saying the economic state and views of a bad economy is forcing young people to not want a family if they can’t let alone get a house to put that family in. Costello missed the point when he said “it’s because young people expect to live later in life.” It results in low birth rates and a demographic change where we don’t have enough young people from the new generation to take care of the old, it’s already happening in several nations, Australia also being one of them. Costello completely missed the point.

[@tomasparriles6440]

@@tricktap8502 dont know...but thanks to your respectful comment, im glad to meet people whith whom i can exchange points of view, talk whitout insulting

[@tricktap8502]

@@tomasparriles6440 no problem, even if we disagree there’s too much “back and forth on the internet” it’s refreshing to just have a normal convo over social media without it devolving to insults. Cheers mate!

[@ianbelletti6241]

​​@@tomasparriles6440 he may or may not have missed the point but it was clearly a point that Costello didn't want to touch because he did the typical out of touch politician thing by blaming the younger demographic while avoiding dealing with the actual issue of high housing cost vs wages.

[@aurancrash4654]

*Aah yes. The old tactic of avoiding the question, blaming the people, and doing FA to address the problem.*

[@jamesbarbour8400]

Typical MP !

[@johnchivers2124]

Completely arrogant and out of touch

[@chriswatson1698]

True. Immigration has made urban land more valuable and more expensive. Costello didn't have to compete with so many people for his living space.

[@dontbeabutt7786]

@@chriswatson1698 nope, the Australian government did this, not immigration.

[@chriswatson1698]

@@dontbeabutt7786 Suggest that you go back to school and learn about the laws of supply and demand. They preceded capitalism and cannot be repealed. The government and the immigrants are both responsible for the increase in the cost of urban land, which is finite. The migrants make the decision to come and compete for housing with the descendants of the people who paid for Australia's infrastructure and public services. Our governments allow them to do it.

[@dontbeabutt7786]

@@chriswatson1698 Haha no I don't think I'll be going back to school for that thank you. People who have fled from war torn countries and inhabitable places are not the ones buying 12 investment properties and renting them out at a 60% increased rate. There are entire apartment blocks sitting vacant because property investors would rather pay the minimal charges on empty blocks then go through the hassle of maintaining them or god forbid working with a government backed non-profit to rent them as affordable housing. The government could easily change this by increasing the charges for these monstrously sized property portfolios but they don't, because they make money from it too. And also, Australia is one of the most brutal countries in regards to immigration. We have not got a stream of people in need coming through the doors, with ample support. People who have been detained for years struggle to find work, housing. They are stuck below the poverty line. There is room, there are buildings and there is money to build more affordable housing - but the government would rather $8.1 billion in tax cuts to mega corporations and line their pockets in the process then do anything o help this housing crisis. Stop trying to mask your racism as outrage over 'supply and demand' it's a bad look.

[@loganblackwood2922]

What theyre not saying is boomers still have most of the land and property, up to 95% of it in some places.

[@leonieburnham322]

OMG. Who can save a $75K for a deposit on $54K gross a year. By the time you can you're too old to get a 30yr mortgage. Costello is as relevant as a black and white TV.

[@MichaelSHartman]

You echo what young adults said when there was only black and white television. Latter generations don't realize how much more material things they have over their grandparents. Inflation caused by irresponsible politicians has made things much worse.

[@gordonflash8976]

I am near retired now. I had to stay at home to save this money. I see many young ones out of home trying to pay rent etc, and yes in that situation it very near impossible. If however if you are more fortunate or wise to still be at home on a wage of 54k you should have the deposit in five years or so. much in line with my time. Also at my age I still do not consider myself to be too old to get a 30yr loan, As i realise wages increase over the years and I expect that i will have it paid off well and truly before the 30 yrs are up as I did with my first loan of 30yrs. The 30yrs or what ever number of years is used is an arbitrary number for the calculations. It is not what would or should actually happen.

[@jw6588]

54k gross sounds amazing. My wife and I both work, she makes 35k, I make 50k, AND we have over 130k saved already for a deposit. Too bad that in South Korea that is still not enough to buy a property that has any potential to appreciate in value.

[@mitchellbaker4806]

What job are you doing that you're only on 54k a year? And how old are you?

[@gordonflash8976]

@@mitchellbaker4806 Do you live on planet professional, planet Government or planet sort after tradesman. It is fine if you do, really, I do, but not everyone is so blessed. Nor is it always simple for people to fix that. Encourage people my man, there is way to much stuff that holds them down without adding to it.

[@francismadden8561]

Nothing to do with the country's finances being in stage 4 cancer situation. good ole QE. blame the kids for choosing to travel.

[@jpyt7022]

So travel after you buy a house

[@gordonflash8976]

@@jpyt7022 and if they did it would have much less effect on there personal financial position. Basically it is called delayed gratification. Besides which by doing so they will know themselves much better by then and choose better travel options and get so much more value out of the travel.

[@jpyt7022]

@@gordonflash8976 its a choice travel young and pay house off when your old or buy house young and travel when older, can't have everything

[@francismadden8561]

@@gordonflash8976 'by doing so they will know themselves' ,,,, you buy a house you become your house. know your house, know yourself. there is only one way to know the manufactured self. go figure.

[@gordonflash8976]

@@francismadden8561 simply false.

[@bushido791]

He’s either completely out of his mind, or intentionally misinterpreting the question(guess what it is)

[@joshuapearson2217]

I believe what he did is called The Strawman fallacy.

[@PeopleHaveNoGender]

Why not both?

[@Xplora213]

Clip might have cut it poorly.

[@michaelsimpson9779]

Breathtaking ignorance right there

[@MimaLopez-jt4vq]

In 2018/2019, I left my management consulting job in Mumbai and relocated to Sydney, Australia, with my husband, who had already secured a position in the tech sector there. Housing costs have become exorbitant, groceries are becoming more expensive, and rent prices are on the rise, causing me to reconsider my decision four years later. What can I do differently at this point? Making ends meet has proven to be quite challenging.

[@leocarter2065]

The crisis is not limited to prospective homebuyers; even homeowners are feeling the repercussions. The accompanying increase in property taxes and maintenance expenses has driven up the overall cost of owning a home to unprecedented levels.

[@johnsoncoleman1293]

Many might attribute this situation to immigration into the country, but it goes beyond that. The Cullen Commission provides comprehensive information on why the housing market in Australia is underperforming, with issues such as money laundering and malpractices coming to the forefront.

[@MimaLopez-jt4vq]

Considering a move, perhaps even back to Mumbai, is a viable option, as long as you can maintain a decent standard of living in the current economic climate.

[@jaydengabriel6932]

In times as financially precarious as these, it is essential to seek advice from an experienced financial advisor. Professionals like Kayla Tabitha Rodigues have honed their expertise in navigating the complex world of real estate and financial intricacies, offering guidance and strategies to help individuals and families make well-informed decisions.

[@johnsoncoleman1293]

I've never witnessed such a large-scale operation so geographically concentrated. An ongoing public inquiry into money laundering in New South Wales, led by Justice Richard Edward O'Connor, is shedding light on the issue.

[@raoul1234567]

Spoken by a man whose government put in deliberate policies that benefited investors and existing home owners and disadvantage first homebuyers. What a Self-serving analysis by Costello

[@bethoumyvision6946]

Is this a cut n paste interview designed to enrage the viewer? It worked. Theres a mile wide of a difference between entitled brats who travel and dodge all forms of tax and young apprentice adults trying to make the rent let alone save for a home.

[@LoneWolf-rc4go]

I'd say the problem runs a bit deeper. My parents always point out how much things have changed in terms of the culture of spending. I honestly believe that buying a house is more difficult because we, as a society, spend more money on more things.

[@bethoumyvision6946]

@@LoneWolf-rc4go Parents can say that, especially when they already own a home or have a tiny mortgage. I understand the plight of the younger generation when there's no way they'll break into the property market they tend to medicate on what is in reach.

[@alanjm1234]

​@@LoneWolf-rc4go the problem is simply supply vs demand. We're bringing in 600,000 immigrants per year, while simultaneously making it more difficultvand expensive to build new houses. And allowing overseas investors to buy what little housing does get built.

[@kurtzFPV]

Probably so. Seems that KZbin shorts algo is designed to take the viewer down a right wing rabbit hole to radicalization.

[@LoneWolf-rc4go]

@@bethoumyvision6946 There are ways to get onto the property market but the issue is that they're unpalatable to the current generation. I had to spend years to get myself to the point where I could buy somewhere and I had to settle for a small flat.

[@justy5944]

Costello here trolling us

[@alanjm1234]

As long as you keep bringing in 600,000 immigrants a year, restrict development, and allow foreign investors to buy Australian real estate, the housing affordability problem will continue to worsen.

[@shauny2347]

👏

[@need2know739]

"You will Own nothing, and be Happy"--- WEF "They will own everything and be ecstatic"--- Tax Payers

[@DarkHeartofBlackmoor]

That guy should be smacked across the face for that. Young people can't afford to live in the world or buy anything because they want to travel. I guess native Hawaiians being priced out of the islands is their fault too.

[@laetifico]

Another big factor is the investors and developers from overseas. Plus air bnbs

[@johnstewartBr3X1T]

💯 That was the decisions that they made.

[@isaacopiyo3270]

"It's astonishing!" The way Costello's reply shows just how utterly clueless he is about the crisis facing young people.

[@alaakela]

And they call young ppl entitled.... In situations like this i would like to hand this rich old f a calculator and a few realistic numbers and tell him to calculate how many years it would take to save up a deposit without parents help.

[@queenbiancadufrene8553]

This is so true for so European based countries it seems, including America! These politicians and so called elites are so out of touch with reality it’s ridiculous. And baby boomers and their parents are almost equally out of touch with how much things are not the same for us as it was for them. It’s sickening.

[@lich5655]

My partner and I could go on holidays for 5 years for the cost of a deposit on a Sydney home. Why oh why would we choose to travel instead of loaning 1M+ for an asbestos riddled shack, plus 10 interest rate rises in a year. Unaffordable for most people, but those who already own property who are in the majority will never accept reform which actually addresses the problem. Any reduction in price only hurts the margins of the property holder, and therefore will not be accepted.

[@trashpanda9615]

Fun Fact: this is not an Australian problem, this is aNew Zealander, English, Irish, Scottish, Canadian and American problem. Exact same issues to a T.

[@nikitaw1982]

Feminism.

[@fishofgold6553]

@@nikitaw1982 How's feminism to blame? I blame (largely, but not entirely) restrictive single family residential zoning, which does not allow condominiums, duplexes, multiplexes, and low-rise and mid-rise apartments.

[@nikitaw1982]

@@fishofgold6553 foster divorce (2 homes) and children who aren't resilient so low earners.

[@disposabull]

@@fishofgold6553 When a 1 income household is normal, the price of housing is capped at that. When you have two incomes the cost of housing is bid up for everyone else. Then you get divorced and end up with single men and women both living in separate homes adding to demand and driving up the price again.

[@johnstewartBr3X1T]

Then I guess the young people of Australia, NZ, England, Ireland, Scotland, Canada and the U.S. are responsible because of choosing to travel, rather than save for a house deposit 🤷

[@michaelhicks3030]

Planned? If young people dont ever own a home, then someone will. Find out who the someone is and look for the trail of money going to politicians.

[@gordonflash8976]

Agreed but I doubt it will lead to political figures but to corporate ones.

[@suitinaute]

It's astonishing that the single individual who had the biggest negative impact on first home owners getting into the market would be so disingenuous as to completely avoid talking about what he did. Actually, it's not astonishing at all. Exactly as I would expect. Doesn't matter though. Costello's kids are sweet so who cares.

[@JacobMolnar]

His answer was completely, 100% out of touch.

[@chrisbertrand5878]

What?!?!?!? That was the most nonsense answer I can imagine!!!!!

[@kapsig10]

We’d rather put money down on a house but the down payment is crazy

[@suitinaute]

Costello's representation of the situation is completely false.

[@alchemybyangela]

I'm a 52 y/o American and I had to come to terms while ago now with the fact that I'd never own a home regardless of how much I worked. The broken system we have makes this so. It'll never be fixed as it's designed to be broken. There's zero desire or effort to change this, too. Unless you acquire an extraordinary amount of debt in order to become a doctor or lawyer (or other high paying career), this is sadly the case.

[@Missgevious]

Exactly

[@alchemybyangela]

@@Missgevious so sadly true.

[@TheRozylass]

You need to move to a less expensive place.

[@bobwoods1302]

Free market.

[@beneagleson3026]

Where do you live in the USA?

[@intellectualgladiata]

The sad reality is that the numbers really no longer stack up for young people in Australia. With so many emerging countries providing a great lifestyle and other opportunities as the world changes I shudder to think how many are simply going to leave for better options and somewhere they'll be treated better.

[@frosty3693]

The housing market in Canada and California are much worse I hear. Changes need to come.

[@intellectualgladiata]

@@frosty3693, the West in general is in decline. There are now plenty of countries that have been developing and not on people's radars that are ready, willing and able to have their time in the sun. Young newly educated populations, resource rich, low debt to GDP ratio, lower cost of living with now first world lifestyles on offer with much lower tax rates. Why wouldn't plenty of young people jump ship from places like Australia for a better life?

[@gordonflash8976]

@@intellectualgladiata I think oldies that are awake will do the same before long.

[@intellectualgladiata]

@@gordonflash8976, we're doing it ourselves. House is on the market and we'll leave a few days after Christmas. It's a no brainer for anybody that say owns their own home here. From the kids perspective we've encouraged them to leave also for other opportunities. One is already locked in and the other weighing options as they finish their studies. Australia is no longer a place you can build wealth in.

[@gordonflash8976]

you wouldn't happen have any appropriate links that could help others in choosing which countries to consider.

[@user-co2ds3ox5u]

I honestly believe that the politicians don't care if housing is affordable for young Australians. As long as someone is paying money to the banks they are happy. I don't know the actual numbers but I might guess it is older people who already have property and foreign investors.

[@dontbeabutt7786]

yep you are correct. 72% of people aged 45 - 54 own their homes, 40.7% of people aged 25 - 34 own their homes. Anyone younger then that and you've got 83.5% renters and we're in a housing crisis with soaring rental prices lol. Good job Australia.

[@nikitaw1982]

No guy wants to marry a feminist. Theyre all feminist.

[@alanjm1234]

Throw in 600,000 immigrants per year, who will all obviously need a place to live, while restricting development and new building and it's obvious demand is going to outstrip supply...

[@GT-pl1wx]

We are at the Monopoly-Final where one owns all the property and you are constantly being ripped off!

[@chriswatson1698]

The area of land that is within a reasonable commute of a CBD is finite. So any increase in population makes every square metre of that land more valuable and more expensive. Costello started his adulthood before immigration made urban land unaffordable.

[@Tina-Trinity]

Valid opening statement, the response was idiotic. Not familiar with these 2 people, but the guys response tells me he must be a politician.

[@sweetchristmas101]

He was , as well as being Australia's Treasurer for over a decade.

[@TB-yx5of]

What a great example of being out of touch with reality.....bet they've never missed a meal in their life...

[@thomasallen5317]

Make the World One income per household again. Amen.

[@chrisbird4913]

Those of age to buy a house now saw their parents get robbed by the banks in 2008. Why would you waste money in an investment that will get stolen from you.

[@steveculver5583]

What does hunger for power and greed do, drive the down trodden even further down. Most these elites feel they are exempt from the havoc they are creating and are above it.

[@jturneyful]

Costello is out of touch a lot lol. He reflects the government view I think. John is more in touch with on the ground reality. My plan now is to move to another country and have a home and family, likely a non western country. Can't afford the west even with my top 10 percent income and very frugal. Unless things change in 1 year. But been waiting my entire 30s and it gets worse and worse faster. But I'm in Canada with insane immigration levels and open doors to foreign money. Not even the top local wages matter.

[@lewis123417]

Same in the UK i pay £415 per month just for a room. That doesnt include all my bills, how are people supposed to buy when they can barely get by?

[@anothersomeguy5156]

How many houses does Costello own?

[@user-microburst]

The democraphic problem will be solved when the housing problem is solved

[@christinemurray1444]

It will be solved a generation later, perhaps even later. Capital will linger in real estate because people do not trust pension schemes. There will be a generation or two of relatively destitute people.

[@user-microburst]

@@christinemurray1444 sadly

[@532bluepeter1]

Same as most Western nations. House prices are grossly inflated to too many multiples of income. Simply impossible for most.

[@bruceerwin5430]

Costello completely misses the point.

[@ggwalie]

Same problem in Ireland. My partner and I travelled for a few months in 2016, at age 26. Came home, went back to work, took until 30 to earn decent salaries (even with MA degree, had to leave the sector due to lack of paid work so it took a while!), started saving our deposit and 4 years later money in the bank but no home. Rent is unaffordable and not enough houses on the market, especially for our budget. Ineligible for any government schemes to assist in buying a house as all schemes apply to new builds which exceed our mortgage offer. We’ve looked all over the country. We are together 15 years and can’t find a way to live together unless we immigrate. As with the housing crisis in Australia, this is not a lifestyle choice, this is oppression.

[@nickkraw1]

Who doesn’t pay taxes? Only the very poor. Everyone else does, including the young.

[@Phasma6969]

everything is owned by the stakeholder, this is the endgame and surveillance if you don't like it they will watch and measure your reaction

[@justicebroker2271]

Poor Peter, his government set us on this path. Young people are doing things later because they need to save $600,000 for a house deposit.

[@bennichols1113]

In NZ govt interference has removed all the cheap rentals and overinflated house prices.

[@marhar1172]

Peter Costello speaking the truth..Older people started working and saving for a house in their 20's..No reckless spending, just working and saving..If you spend your money on stuff you will never save money..simple economics. Judging hy the comments here there are still a lot of people who hate hearing the truth.

[@mavrosyvannah]

HOMES... Don't change the subject. HOMES

[@taylorman40x9]

They should put a cap on how many rental properties a single individual or company can own.

[@stracepipe]

I can't speak for Australia but in the UK, back in the 70s lenders would only lend 3x one salary which, by default, limited house prices. Then, led by The Midland Bank, lenders started taking two salaries into account, drastically increasing how much people could borrow and as a result drastically increasing house prices. It's now very difficult for someone on a single income to buy a house and also, it forces both parents to go out to paid work, whether they want to or not.

[@Xgdtss]

Old boy tried to give him the Razzle dazzle talking about how young people dont understand taxes and are putting off owning a home rather than struggling to afford canned soup.

[@garybrockwell2031]

As if he's had it this bad, when he was that young?? Who is paying this out of touch mouthpiece 🆘🇬🇧💯

[@bryanergau6682]

He just said "Everyone who just got out of school needs to work the same job until they die and stay in the same place the entire time".

[@CT-pi2gl]

Yeah, I wish I hadn't taken those 8 vacations at 10k each. Then I could have afforded a house

[@sampsonsunny6298]

Costello thinks he's gods gift. His military adventure into iraq and Afghanistan cost a trillion.

[@ilikevines]

We still needed an answer from Costello…I appreciate you have to work hard and things don’t come over night but you can’t deny how much average house prices relative to average income have risen in past decades. There needs to be a solution to this problem unless the de facto stance of the government today is that few people should ever become home owners.

[@stainlessstove4629]

No thats retarted. Houses are simply just too expensive. Its that simple its nothing to do with people wanting to travel. Travelling is the same price as a mortgage now.

[@quadders9198]

Same in the uk! Our property market turned into a global bank for rich elites from around the world.

[@frosty3693]

Many younger people wait to start a career and see the world first. They might not be wrong, as long as they don't wait too late. How many people work their whole lives intending to travel but never do. Things are in a flux in the world and are going to get worse before they get better. Staying adaptable may be the thing.

[@michellebyrom6551]

I'm 61 and from GB. My kids don't expect to be able to retire because the pension age keeps rising and life expectancy is falling. Add in the frailties of old age and going travelling then seems like a pipedream. They do what they can now, whilst they can. If that means only one or no children, that's what they'll do to survive.

[@edstueckle4856]

Mr Tax should meet Mr Guillotine

[@AD-mo5sg]

I am fortunate enough to have had the income from soon after school to buy a place for myself. It still took 8 plus years of saving. My friend by sheer luck from putting 5% into his super after tax realised there’s a scheme he can use for his deposit because he’d been contributing since 2018. There needs to be a better way.

[@longbowman7462]

This is going on everywhere in the west. Lack of affordable housing, low paying jobs, inability to start families, falling birth rates…

[@_nebulousthoughts]

You didn't answer the question. Why should we have a lower quality of life compared to you guys?

[@alexdumas739]

Asking a man who bought when the prices were cheap. The new problem with Australia, the growing division between rich and poor.

[@domesticengineerlifecoach6938]

Say's the millionaire with a golden parachute!

[@steven7891]

Never travelled, worked my whole life, never been on the doll, always paid taxes. I never even went to schoolies I worked through it. I will never own a home. That age group is getting more and more out of touch.

[@christinemurray1444]

It's a cop out. The fact that housing now is wildly out of reach for most people even taking irresponsible debt will take the entire system down in a generation or two, but people are short sighted and we will just see this disaster continue to play out to the end

[@R_Alexander029]

I'm a young immigrant in Sydney and I know I have better chances of building a house on the moon than in Sydney.

[@musictheoryforeveryone7938]

My father in 1960, at 21 years of age and married to my mother was able to buy a half acre of land an hour and a half from NYC for the price of $1,500 earning a $100 a week as a plumber’s assistant. He could pay that land off in 15 weeks. In 2023, a half acre of land goes for $200,000. With an average salary for most people at $50,000, it would take four years to pay for the land. Inflation might be part of the issue but even the percentages are all wrong!!

[@tonytrott6318]

what drivel it is just too expensive to exist not even live. When you have a situation where salaries are 30000 dollars a year but the cost of buying a house is 500,000 and rising 20 percent a year the truth is that it is impossible to have kids or own a house.

[@JackJackJack123]

Same in USA. My rent has doubled since 2021 with all the Californians flooding into Arizona. Had been saving for a home. That dream is seemingly dead now though. Such a shame. This insanity was so avoidable.

[@christinemurray1444]

It's by design. There is no better population control policy than having people unable to start a family until they're too old to have more than a child or two, if that.

[@mariecarton8611]

This is hillarious. A woman came to me in a store here in Ireland very upset her second son informed her that day he was heading to Auz so he can be as successful as his brother who had gone to Auz a few years ago and had just bought his own apartnent. His reason for going there is he feels he will never be able to own his own home if he stays here. This is a reaction to our Government showering Immigrants with all lifes needs while they get nothing from them.

[@wombatau]

Howard and Costello. A bad joke that we just all keep paying for every year for the rest of our lives.

[@blankasama]

When someone says "I think" we should be careful. Personal opinions mean nothing in this modern world. Peter Costello is completely out of touch with the younger generation. Australia is in alot of trouble.

[@kentl7228]

Many words and nothing said. Certainly nothing relevant to the question. This is all part of middle class erosion. I wonder if places that have cheaper housing will entice people away and the cities will have s demographic that alters as young people move away.

[@Sian660]

This makes me so angry. A lot of young people would like to do the traditional thing. Got married young, pay their taxes and can’t have children young because it takes until they are 30 and years of double income no kids to afford a small home in an outer suburb. A lot of people are making the choice, do I give up on home ownership or kids?

[@diamondbolton2944]

I have a solution for that. If we’re going to shorten school time because of teacher shortages, supplement with a work program to gain work experience for motivation to college or as help the conventional measure that people who go onw to get a degree will make 1mill more, the ones who know colllege is not for them/need more time can get early purchasing power.

[@jpyt7022]

And most young ppl supported the 300bill spent on covid and support the money going to Ukraine and want green energy

[@EdgecommercialphotoAu]

He clearly has no idea! The Australian housing market is broken due to the huge disconnect between house prices and wages that has been accelerating for decades. Politicians are so short sighted they can’t see that their failure to provide policies that make housing more affordable is leading to degradation of the foundation of Australian society. This problem is only going to get worse while they fob it off and pretend like there’s nothing to see.

[@OperatoreDelMiniCalcolatore]

Italy had this problem earlyer: a far right movement came up with the idea of the "social mortgage". Nobody wanted it because it was "a fascist's idea". Later It was accepted and became law It worked.

[@michaelshattuck1874]

Yes, when you’re young and you don’t pay tax. Sure. It’s nothing to do with houses costing 1000% more than they did for our parents.

[@joebloggs6131]

Excuse me, Mr FORMER Treasurer that was only "OK" at economics - the young people who don't pay tax? the hide! How about the multinational corporations that don't pay tax? If they did we could fund the necessary programs to remove social inequality.

[@oncearoundsaturn2511]

Policies implemented while Costello was treasurer set Australian property on this path. The great Australian real estate gravy train. The party’s over though. Time for young Aussies to reimagine the Australian dream. One that doesn’t have home ownership at the centre of it. Australians have long been fixated with home ownership. It’s time for a more productive vision.

[@matirwin4774]

Silly me. I should have started saving for my house when i was two! What was i thinking?

[@Michelle-kj7wv]

Yet green energy is the greatest influence on politics 👏

[@BrotherBear187]

Yeah Centrelink is the problem iv been on it my whole life so you can argue against it but im right thats kinda why you sending employees 45 plus minutes from home for opal and toll and petrol revenue... And then there is tax that goes to centrelink its broken

[@gonsleiva3595]

When you are young and dont pay tax? I am pretty sure he was not talking about kids and toddlers but young aussies in their early 20s. Completely dodges the question

[@atomicsmith]

Anyone that think “travel” and a deposit for a house are even close to the same dollar figure should have their head examined. Add 2 zeros mate…

[@stevenvater8720]

Same in UK

[@marcblank3036]

It is quite shocking. A family will need 2 earners to sustain the lifestyle of owning a house. The amount of downpayment is quite substantial too

[@michaelsingletary4526]

This guy is clueless. If you live to be 90 you can afford a house. If you work till 85.

[@tony_potsandpans]

The legacy of the British Empire. This is the gift the monarchy continues to give us all.

[@MultiBrian1986]

It comes down to priorities. Do you want to travel? I know plenty under 30 that have been all-over the U.S and other countries. They dont own a home. I know only one person in the same age group that put off traveling to own a home.

[@dontbeabutt7786]

my dad, uncle, family friends all travelled and did not receive inheritances/were not wealthy and all own houses in the inner city. It's not about priorities, it's about people like you not wanting to admit that our government are a bunch of cash hungry pigs.

[@pauldiezel4584]

My funking Jebus. This is utterly depressing that a treasurer of all people, who is supposed to be the most financially aware in the govt, spouts this type of ignorance.

[@deadreckoning6288]

Powers that be have made owning a home out of reach for many in these present times.

[@DannyGarrigan]

Guys blind! Gona get ripped from his decadent nest..

[@ryanmac8283]

The cost of living is rediculous.i know people who live in motels to save money.this guy is out of touch with reality like most people with money.

[@elizabeth2416]

It's got nothing to do with not understanding tax, younger people have always travelled Mr Costello. Let's all be honest here, the price of housing has skyrocketed over the last 15 years with rich Asians coming into the country . Just like it has in Canada and California. Now we have a rental crisis, but we have also agreed to thousands of new immigration Visas. I am a child of an immigrant, so I can't have issue with people wanting to migrate here, but when we have inept governments, who don't see housing as a human right, don't plan for their growing cities and let it all be dictated by private enterprise, who only chase profits, then we get here. One of his kids must be swanning around somewhere.

[@Lastindependentthinker]

With governments like ours. Who needs enemies?

[@slop123456789]

Yep, us young folks just need to cut down on that smashed avo and the housing market will sort itself out.

[@darbyheavey406]

That’s been the case in Germany for decades…

[@TheChivasRegal]

They travel because travel is fairly cheap - save up $10 grand for a holiday over 3-5 years and enjoy, meanwhile that house you could’ve put the money towards has gone up $50-100 grand over that period.

[@timlewis7218]

No, even gen x was lost in the f'd up system. This is the time for gen x to rock.