- 2 days ago
Sold! Who Broke the Australian Dream
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00:00Uh-huh. Well, it is my honour to present this to you from all of us at Ray Hooker.
00:06Finally, we can put a nail in the wall for a painting.
00:10Whoa, whoa, whoa. Is that your deposit? Like, all of it?
00:13Yeah, the bank said that was enough.
00:15Oh.
00:15You're going to be joking.
00:16That?
00:17What?
00:19Oi, come and look at this dickhead's deposit.
00:22Where's the rest of it, you dickhead? And where are your pants?
00:27Hang on. This is a dream, isn't it?
00:29Yeah, as if you'd be able to afford a home.
00:31Obviously, it's a dream, as if I'd be married to you.
00:35But if a D-grade celebrity like me can't afford a home, then who can?
00:39That's why it's called the Australian Dream, mate.
00:42That's the only place you can afford it.
00:46Cock and breakfast send great news for mortgage holders with a reserve bank keeping it...
00:50Call me a dickhead.
00:56Well, at least it's Saturday.
00:58Oh, no, it's Saturday.
01:03Owning a home might be the dream, but I'm living my actual nightmare, trying to find a rental
01:08property in the middle of a housing crisis.
01:10And that means one thing.
01:13Queuing.
01:14For the last few weeks, I've been stuck in queues like this.
01:16And it's not even a good queue, like a queue to buy the new iPhone or a dessert that's blown
01:21up on TikTok.
01:22No, this is a queue to find some place to live.
01:25And I'm not alone.
01:26I mean, that's the nature of a queue.
01:28But I'm also not alone in feeling...
01:30What's the delicate way of putting this?
01:32Pretty bloody annoyed.
01:34What is your current housing situation?
01:37We currently rent.
01:38I am a renter.
01:39Living with three renters.
01:41How many places do you think you've seen?
01:42Probably 25.
01:4440 and 50 of them.
01:46What sort of place are you able to afford on a nurse's salary?
01:49Uh, a mouldy place.
01:51Landlords don't really care about maintaining the place.
01:56I've got water pouring in my apartment.
01:58Just had two co-boards and a microwave.
02:00That's what it was.
02:01And it was $560 a week.
02:03It felt like that if we all jumped up and landed, the house would just fall apart.
02:07And I'm still having to move out because they're putting the rent up.
02:09Almost a third of people, including myself, are renters.
02:16And that figure is climbing.
02:18As for rents, they've shot up by over a third since COVID.
02:21At the same time, house prices are rising and rising,
02:24leaving us with little chance of buying, possibly ever.
02:28So, what the hell has led to this housing crisis?
02:31How can we solve it?
02:39One person has become synonymous with the debate on housing in Australia.
02:46And that name is...
02:48Really? That's his name?
02:50Purple Pingers.
02:52I don't know what that means, but he runs the Shit Rentals database.
02:56To be clear, it's the rentals that are shit, not the database.
02:59It helps highlight the plight of renters and the dumps they're forced to live in.
03:03Hello. Welcome back to Shit Rentals with your host Purple...
03:06Mr Pingers has built himself a huge social media following.
03:10Reminds me of that prison in Iraq where they tortured all those people.
03:14What was shit about your rental?
03:15A couple of rats.
03:16A couple of them?
03:17Yeah, like, honestly, fine.
03:19Worse things have happened to better people.
03:21So, what are the standout horror stories from the Shit Rentals?
03:24There's this one guy reached out, and he was, like, on the phone,
03:29nicest guy I've probably ever spoken to.
03:32And he's like, man, you've got to come see this.
03:34You, like, squelch down through the house.
03:38We go into the shower.
03:40Check where the shower drains to.
03:43We went out the back.
03:44The entire shed is made of espaces, which is fantastic.
03:49And he was like, we've just got a rent increase.
03:52But he was like, you know, we have a deal.
03:54I live in a shit hole.
03:57You don't increase my rent.
03:58We had a deal.
03:59You slowly kill me.
04:00Yeah.
04:00But under...
04:01But for free.
04:02Almost.
04:03There's a cap on it.
04:04Yeah.
04:04Oh, man.
04:05Okay.
04:06So...
04:06But is that just the price you pay for wanting to live in the city?
04:09Or is the problem more widespread?
04:17Well, Parramatta.
04:1826 k's from the centre of Sydney.
04:21A house up for sale.
04:22But for now, it's being leased out.
04:25The owner hasn't done any...
04:26haven't done any renovation here.
04:27The walls hasn't been painted or peeling,
04:30which is the beauty of the home.
04:33At the moment, we have six rooms here.
04:35Each room between 250 to 300.
04:37All the rooms have the sheer shower here.
04:40They've got a sheer kitchen.
04:42Most of the people that are renting here,
04:44they're new arrivals to Australia.
04:45They don't have much money.
04:46We've got students close to university.
04:49And we've got nurses close to Westman Hospital.
04:52We've got another toilet here.
04:54It's very funny.
04:55Four years ago, it was in the best building in Parramatta,
04:58which was Meryton.
05:00Two-bedroom, two-bathroom used to go $5.50 per week.
05:03And now, two-bedroom there, it goes $1,000 a week.
05:08Well, that was bleak.
05:09Next time you're being taken care of by a nurse,
05:11think about where they're going back to after their 20-hour shift.
05:13As if the queues, the rising prices, the real estate agents,
05:17the bidding against other renters,
05:19the wasted Saturdays wasn't bad enough.
05:21And then to top it all off, you've got those people who say to you...
05:24Why don't you just buy a house?
05:27Oh, yeah, because that's easy.
05:29We had that dream of buying an old place and doing it up,
05:32but it's just unaffordable now.
05:35To buy an average property in Sydney
05:36costs 13 times what the average income is,
05:39which is just not really tenable.
05:42I asked some of my friends how they had done it
05:44and covered their identity so they'd be more honest.
05:47Look, my wife and I worked really hard.
05:49We were both working when we were quite young
05:51and we saved up a substantial deposit.
05:54It was really down to our hard work.
05:56We had both been saving for almost, I reckon, 15 years.
06:00I got my plays by staying at home until I could afford it.
06:05Did you receive any help?
06:06Well, I mean, my parents did kick in some money.
06:10I did get a little bit of help from Mum and Dad.
06:14Yeah, we got a big chunk when my partner's dad died.
06:16Like, 100 grand or so.
06:18But that's not like that was the most important part.
06:21Mark, what the hell are you doing?
06:25But who can blame them?
06:26Recent data shows that 60% of first-home buyers
06:29rely on the bank of Mum and Dad.
06:32It's so popular, in fact, that if it were a real bank,
06:36it's estimated the bank of Mum and Dad
06:37would be somewhere between the fifth and ninth largest lender
06:41in the country.
06:42It would also definitely have the worst app.
06:44I mean, just think of the font size.
06:46And the application process would be a nightmare,
06:49as I found out with my own dad.
06:51Take a seat.
06:53Now, I'll need you to fill out these forms.
06:56Hang on, what are these?
06:58Just standard documents.
07:01Mark, is it?
07:03Yeah.
07:03Now, I'll need your last two tax returns,
07:06a list of assets and liabilities,
07:09and a bank statement.
07:10Wait, what?
07:11What's your current employment?
07:14Well, I'm currently hosting this documentary.
07:16What, they couldn't get Miriam Margulies for this?
07:20Dependents.
07:21Just your grandchildren.
07:24Credit history.
07:26No debts that I'm aware of.
07:28Oh.
07:29There's that, uh,
07:31Tikka Masai you owe me for.
07:34Mr. Humphreys, no, I'm afraid we'll not be able
07:36to provide you with a loan at this stage.
07:38Oh, what?
07:40Why not?
07:41Well, I'm renting too.
07:43Oh, f***.
07:46If the bank of mum and dad isn't an option,
07:48you're really in trouble.
07:50Property, or homes,
07:52have just become so out of reach
07:54that it's locking out the next generation.
07:56The average person stepping out of renting
07:58into home ownership
07:59has to save 150 or even 200 grand
08:01in the big cities,
08:02and they have to do that
08:03while paying rental costs,
08:05which climb higher than wages do each year.
08:08So, who do we blame
08:10for the inflated cost of housing?
08:12The agencies or the landlords.
08:14Are they increasing the prices?
08:15It falls back onto the politicians.
08:17Foreign investment, perhaps.
08:19Well, I know which one flies best on the news.
08:21Foreign investors.
08:22Foreign investors.
08:23Foreign investors.
08:24Foreign cash.
08:24Foreign buyers.
08:25Are extremely wealthy.
08:27So, you're quite right.
08:28Oldie's missing out.
08:39Monica, too,
08:40is a celebrity real estate agent
08:41who primarily looks after
08:43ultra-high net worth Chinese buyers.
08:46And yet,
08:46she's clearly on Struggle Street.
08:48I mean, her car's missing a roof.
08:50Are you Mark?
08:50I'm Mark.
08:51Hello.
08:52How do you do?
08:52Good to see you.
08:53You come and check out the house?
08:54Yeah, I'm now checking out the car.
08:55Nice set of wheels.
08:56This one can come over the house.
08:57It can't come over the house.
08:58Okay.
08:59100%.
08:59Good to know.
09:00You're going to show me around
09:01a luxury property.
09:02Look at that.
09:03Oh, man.
09:04Ooh, la, la.
09:06The guide price for sale
09:08is $13.5 million.
09:11And to rent,
09:13probably about...
09:14We don't want to rent it,
09:15obviously.
09:16Well, but hypothetically.
09:17$4,500.
09:17Wow, you're really tall.
09:19$4,500 per month?
09:22Per week.
09:26I think that's probably
09:27a very good feng shui.
09:29You have good water.
09:30You can hear that incredible sound.
09:32I've seen rentals that have leaks like that,
09:34but this is slightly different.
09:36Have a look here.
09:37A butler's kitchen.
09:39So you can have your, like,
09:40a soy sauce here, you know,
09:42or you don't have soy sauce,
09:43or Vegemite, whatever that is.
09:44I can have soy sauce.
09:46I think the wine collection
09:47is more than I have for a house deposit.
09:49Change your profession.
09:50Maybe you should be a real estate agent.
09:52I think there is a lesson to this, yeah.
09:56So overseas buyers
09:57are most of your clients?
09:59So for people to buy a house like this,
10:02which is established,
10:04only Australian residents
10:06or citizens can buy,
10:07even though they probably work overseas,
10:10or maybe they just come to Australia,
10:11but they have to be
10:13a permanent resident
10:14or citizen.
10:16For my clients,
10:18a lot of them are Chinese,
10:20of course,
10:20because look at me,
10:21I'm Chinese.
10:23So maybe currently
10:25they're still in China
10:27or somewhere else, right?
10:28But they definitely come back to live.
10:30Because if you buy the house,
10:31you don't live here,
10:32you have to pay a lot of money
10:34in terms of land tax
10:36and surcharge.
10:37I'll just give you a figure.
10:39So this is from
10:39a financial review, right?
10:41So two years,
10:4223 to 24,
10:43property sold to
10:44foreign buyers,
10:46it's less than 1%.
10:47Less than 1%?
10:50I don't know
10:51what impact
10:52will make
10:52for foreign investors.
10:57Foreign buyers
10:58not being able
10:59to buy existing homes,
11:00huge taxes,
11:01I had no idea.
11:02And less than 1% of sales?
11:04She whiz.
11:08I thought I'd cross-check
11:10these claims
11:10that foreign investors
11:11aren't a major reason
11:12for rising housing costs
11:14with someone
11:14who wasn't a celebrity
11:15real estate agent.
11:16Statistically, yes.
11:19Less than 1%
11:21of home sales
11:22typically in a year
11:24are to foreign investors.
11:26And so obviously
11:27that's a minor impact
11:29on the market.
11:30Do you hear
11:30any anecdotal suggestions
11:32that perhaps there is
11:33actually a greater
11:34percentage of foreign investors
11:35but they're just doing it
11:36through more secretive means?
11:39Look, I have heard
11:42people tell me
11:43that there's a lot
11:44of foreign investors
11:45and they go to auctions
11:47for instance
11:47and that's how they know.
11:49I'm always amazed
11:50at their, you know,
11:51x-ray vision
11:52to be able to recognise
11:54someone's citizenship,
11:55you know,
11:56just by looking.
11:57Well, there's passport controllers
11:58at every auction,
11:59isn't it?
11:59Yes.
11:59So, if it's not
12:02wealthy foreign investors
12:03driving up prices,
12:05is it other newcomers
12:06coming to our shores?
12:07You do hear a lot of people
12:08saying that immigration
12:09has an impact
12:10on house prices.
12:10What do you say to that?
12:12Well, absolutely
12:13housing demand
12:15is in part
12:16driven by population growth
12:18and in Australia
12:19our population growth
12:21is driven 50-50
12:22by, you know,
12:23natural increase
12:24as well as by immigration.
12:25So we do need
12:26to keep housing supply
12:29on the boil.
12:30But can we blame
12:32that population growth
12:33for the escalation
12:35in house prices?
12:37You know,
12:37if we could
12:38then we would have seen
12:40during the COVID period
12:41a dramatic reversal
12:43of house prices.
12:45In fact,
12:46population growth
12:47went backwards
12:48when we closed
12:49the borders
12:50but house prices
12:52actually galloped away
12:54higher than ever.
12:55In fact,
12:55I think they rose
12:56by more than
12:57a trillion
12:57in terms of
12:58the value
12:59of our housing stock
13:00over that period
13:01of time.
13:02We can't blame
13:04migration
13:05for that.
13:07So,
13:08if I can't just
13:08blame immigrants
13:09who else is there
13:10to blame?
13:11To find new culprits
13:13I'm on my way
13:14to an auction
13:14in Blacktown.
13:16It's a renovator's dream.
13:17Real estate talk
13:18for another shithole.
13:20The only kind of place
13:21that first home buyers
13:23like me
13:23have a shot at.
13:24And it's also popular
13:25with property investors.
13:27$820,000.
13:28Bitter number two
13:29is the opening bid.
13:30Where do we go from here?
13:31The air was thick
13:32with the hopes
13:32and dreams
13:33of first home buyers.
13:34What do you need
13:35to be focused?
13:36You're going to lose
13:36it for a thousand bucks?
13:38We'll bring you
13:38an espresso.
13:39But apparently
13:40you can't buy a house
13:41with hopes and dreams.
13:42At $996,000.
13:46Sold.
13:47So this one
13:48went to a property investor.
13:49Congratulations,
13:50bidder number 17.
13:51Not the first home buyers.
13:53We're trying to
13:54get in the market
13:55with my brother
13:56to get a bit
13:58of a head start.
13:59It feels like
13:59it should be easier
14:01if you're, you know,
14:02working really hard
14:03when you're young.
14:04But it just doesn't feel
14:05like it's fully the case.
14:07I'm not sure that
14:08without mum and dad's help,
14:09this generation
14:10is going to have
14:10their own place.
14:11Because I don't want
14:12them at home forever.
14:13Put it that way.
14:13I want my life back.
14:15This auction
14:17is just another example
14:19of something
14:19that happens
14:20every weekend
14:20in Australia.
14:22Investors beating
14:23out first home buyers.
14:25Every year,
14:26Australian investors
14:27buy more homes
14:28than first time
14:29buyers do.
14:30Sometimes investors
14:32who already have
14:33two, three, four
14:34or more properties.
14:36Sometimes a lot more.
14:37Can I ask you
14:38out of interest
14:38how many rental properties
14:40do you own?
14:41283.
14:42283 rental properties?
14:46Yeah.
14:48My research team
14:49has managed to track
14:50down one of these
14:51evil investors
14:51and I'm going to
14:52confront them.
14:53Like 71% of
14:55Australian investors,
14:56she has two properties,
14:57which may not seem
14:58like much,
14:59but it's two more
15:00than me.
15:00I can't even get one
15:01house.
15:02Alright, let's go
15:02meet one of these
15:02property hoarders.
15:12Oh, hi Mark.
15:15Narelle,
15:16you're the evil,
15:16I mean,
15:16you're the investor?
15:18Oh, okay.
15:20Can I come in?
15:21You sure can.
15:24My interview
15:25with a heartless
15:26boomer investor
15:27was off to a bad start.
15:29Not only did Narelle
15:30and I used to work
15:31together,
15:32she'd prepared tea
15:33and some lovely snacks.
15:37Narelle?
15:38Yes?
15:38Evil investor,
15:39thank you for the tea.
15:40How many properties
15:41do you own?
15:42This one
15:42and one around the corner
15:45that I lived in
15:46before this one
15:46and it's because
15:47I met somebody
15:48and we ended up
15:48buying somewhere
15:49a little bit bigger
15:50and so that's
15:51kind of like
15:52the way things went.
15:53Do you think
15:53it's harder
15:53for people today
15:54to buy their first home
15:56than it was
15:56when you thought
15:57you bought your first?
15:58Oh, most definitely.
15:58Everyone goes,
15:59oh, the Keating years,
16:00you know, 17% interest.
16:01It was 17% on,
16:03do you want to know
16:04how much it was?
16:05It was just pathetic.
16:06$54,000.
16:07Wow.
16:08I know,
16:08so really,
16:09that's so upsetting.
16:10$54,000 for a flat?
16:12Yeah.
16:12In Sydney?
16:13Yeah.
16:13Australia?
16:14Yes.
16:14Because that's what it was.
16:16But do you feel any guilt
16:17about owning multiple properties
16:19when so many Australians
16:20don't even own one?
16:22I do have these thoughts
16:23but the reality is
16:24a lot of people need to rent.
16:26But yes,
16:27it also earns me money,
16:28you know,
16:29so that's exactly
16:30why one would do it.
16:34It's kind of hard
16:35to make sense
16:36of the fact
16:36that Australia
16:37is probably full of people
16:38like Narelle,
16:39a lovely and considerate person
16:41who has invested
16:42not because she wanted
16:43to be some kind of land baron
16:44but because it made
16:45economic sense to do so
16:47because we have somehow
16:49set up a system
16:49that encourages people
16:51to view housing
16:52as a way to make money.
16:56But has it always been like this?
16:58When the British
16:59first landed here,
17:00they just stole the land
17:01off the Indigenous people.
17:03First they took
17:04Eora and Darragh country,
17:05then they took the lot.
17:07Even ex-convicts
17:09were given free land,
17:1030 acres
17:11and 10 more
17:12for every child you had.
17:13Oh, let's have another baby,
17:15Elspeth.
17:16I want a media room.
17:18After World War I,
17:19cheap loans
17:20were offered to war veterans,
17:21unless you're
17:22an Aboriginal veteran.
17:23But an even bigger boost
17:25for most people
17:26was the government
17:27freezing rents
17:28in the war years
17:29and putting price controls
17:31on homes and land.
17:33In fact,
17:34for 60 years
17:35up until 1950,
17:37house prices in Australia
17:38were actually flat.
17:40Wow.
17:40So there was a time
17:42when stopping rents
17:43and house prices
17:43from climbing
17:44was something
17:45the government
17:46wanted to do.
17:48But fast forward
17:49a few decades
17:49and by then
17:52we all wanted
17:53our own home.
17:54At the end of the day
17:55it's still about security.
17:56Hey, that's Ray Martin.
17:56It's about
17:57having your own place.
17:58That's important to us.
18:00Owning your own home
18:01seems to make life complete.
18:03So at this twilight
18:04end of our century
18:04the Great Aussie Dream
18:06is still alive
18:07and well.
18:08It's just...
18:08What?
18:09When was this?
18:111999.
18:12The Great Aussie Dream
18:13is still alive and well.
18:15Well, it's bloody dead now.
18:17Was Ray Martin lying to us?
18:18Surely not
18:19five-time gold-logie
18:20winner Ray Martin.
18:20If you can trust anyone
18:21you can trust Ray Martin.
18:23I'm going to call him.
18:24We're actually
18:24quite good friends.
18:25Well, we share
18:26a hairdresser.
18:26Hi, this is Ray.
18:32Just...
18:33Probably called me back.
18:35But I know that Ray
18:35couldn't have lied to us.
18:37There must be
18:37some other explanation.
18:38Oh my God.
18:59Ray wasn't lying.
19:011999 was the turning point.
19:03Within a couple of years
19:04house prices started to skyrocket.
19:06You see, in 1999
19:08the government changed laws
19:09around capital gains tax.
19:11Now, that's when the tax
19:13on the gains
19:14from the capital...
19:16Uh...
19:17Sorry, this is too complex.
19:19Um, you know how in the movie
19:20The Big Short
19:20how they had Margot Robbie
19:21in a bathtub
19:22to explain all the financial stuff?
19:24Could we get Margot Robbie
19:25in the bathtub?
19:25No.
19:27What about Nicole Kidman?
19:28Does she understand
19:28the capital gains tax?
19:29Mm-hmm.
19:31Well, who can we get?
19:34Thankfully, we were able
19:35to find someone
19:36with the right mix
19:36of economic literacy
19:37and undeniable sex appeal.
19:40Financial journalist
19:41Alan Colwer.
19:42Now, the capital gains tax
19:43is the tax on profits
19:44you make
19:45from investments
19:46like shares and property.
19:47Way back in 1999
19:48three wealthy businessmen
19:50recommended to the Howard government
19:51that they replace
19:52the existing adjustment
19:53for inflation
19:54in the capital gains tax
19:56with a 50% discount.
19:58Australia already had
19:59another type of tax deduction
20:00called negative gearing.
20:02With negative gearing
20:03if your property expenses
20:05are higher than your rental income
20:06you can offset those losses
20:08against your normal tax bill.
20:11So you end up paying less tax.
20:13So when negative gearing
20:14was joined by a 50% discount
20:16on capital gains tax
20:17it supercharged
20:19the perceived benefits
20:20of owning property.
20:22A few other things
20:23happened at the same time
20:24as well
20:24but together
20:25it made house prices
20:27start to shoot up.
20:29Housing was no longer seen
20:30as just a shelter
20:31a place to live.
20:33It was also an investment
20:34and the best way
20:37to build wealth.
20:41And also I mean
20:42that the taxpayer
20:43like you
20:44basically give a
20:46$96 billion subsidy
20:47to those that can buy houses.
20:49Got it?
20:50Good.
20:51Now bugger off.
20:53I thought Alan
20:54was just another madman
20:56raving in a bathtub
20:57but it turns out he's right.
20:59This is the Ralph Report
21:01named after one of the
21:02three wealthy business people
21:04John Ralph
21:04former CEO of Rio Tinto
21:06and head of the
21:07Business Council of Australia.
21:09These three men suggested
21:10the changes to tax laws
21:12which they said
21:13would help business investment
21:15but it led to house prices
21:18skyrocketing.
21:21Let's just check that.
21:26Mark?
21:27Alan, didn't anyone warn them
21:28about what could happen
21:29to house prices?
21:30Well one person did have
21:31the foresight to see
21:32what would happen
21:33but you're not going to
21:34like the answer.
21:36It was Mark Latham.
21:37How are you Mark?
21:38Good, good.
21:38How are you?
21:39Mark Latham?
21:40Once Labour leader
21:41turned disgraced
21:42former Labour leader
21:43turned New South Wales
21:44leader of Pauline Hanson's
21:46One Nation Party
21:47turned disgraced
21:48former New South Wales
21:49leader of Pauline Hanson's
21:50One Nation Party
21:51turned disgraced
21:52independent
21:53but maybe he got
21:55one thing right?
21:56This is a
21:56multi-billion dollar
21:57free kick
21:58for the rich.
21:59It will add
22:00through these shoddy
22:01capital gains tax proposals
22:02to the great
22:03Australian disease
22:04of asset and property
22:05speculation
22:06particularly in our big cities
22:08it will take away
22:09resources
22:10from the knowledge economy
22:11and put them into
22:12the least productive
22:13least honourable aspects
22:15of Australian
22:16economic activity.
22:18But if Mark Latham
22:19was right about that
22:19then maybe he's right
22:21about something else.
22:22Most funeral services
22:23pride themselves
22:24on their...
22:24So called comedian
22:26Mark Humphreys
22:27as funny as a burning orphanage
22:29their true-born
22:29shits-his-pants coward.
22:31Alan, there must have
22:32been someone else
22:33who spoke out about this.
22:34Preferably someone
22:35who hasn't called me
22:36a shits-his-pants coward.
22:37Well that rules out
22:38quite a lot of people, Mark.
22:41If this whole housing
22:42debacle was created
22:43by a report to our leaders
22:45from a trio of business people
22:47maybe we can fix it
22:48if we deliver a report
22:49from a trio of renters
22:51struggling to get
22:51into the housing market.
22:53Mayor Ziz heads up
22:54a leading campaign group.
22:56Everybody's home
22:56is a campaign
22:57to fix Australia's
22:58housing crisis
22:59and make housing
23:00more affordable.
23:01We're made up of
23:01500 different organisations
23:03that work on the front lines
23:04of the housing crisis
23:05but we're also made up
23:06of 42,000 average Australians
23:08who have signed up
23:09to the campaign
23:10because they're sick
23:11of not seeing action
23:13on housing affordability.
23:14Housing is the key
23:15to fixing every aspect
23:16of people's lives
23:17so you're not going
23:18to be able to deal
23:19with any issue
23:20that you've got going
23:20on in your life
23:21unless you have stable housing.
23:22You're both renters?
23:23Yes.
23:24So Jess,
23:25tell me a little bit
23:25about your rental situation.
23:27I was homeless
23:28and I didn't have a job
23:30and I was sleeping
23:31on the streets
23:31and then they got me
23:32into a refuge
23:33and it was enough
23:34to get me back
23:34on my feet
23:35and into more
23:36permanent housing.
23:37I'm back at uni too.
23:38It's looking like
23:39I'm actually doing,
23:40I did really well
23:40last semester,
23:41not to boast
23:42but I did.
23:43I was very proud
23:44of myself.
23:46It's all because
23:47I've got housing.
23:48I have something
23:48to go home to
23:49at the end of the day
23:49and that matters.
23:51So what are the changes
23:52that you'd like
23:52to see happen?
23:53We want to see
23:54tax handouts
23:55for investors
23:56really wound back
23:56so that's the
23:57capital gains tax
23:59discount for investors
24:00and also negative
24:02gearing tax deductions.
24:04What would you say
24:04to those people
24:05who would say
24:05that if you make
24:06those changes
24:07then that takes
24:08another rental
24:09out of the market?
24:10Yeah, I mean
24:11houses don't dematerialise
24:13when a landlord
24:13sells them.
24:15A first home buyer
24:16will buy that
24:16and a person
24:18who wants to live
24:18in that home
24:19will buy it.
24:19But the other thing
24:20You say that people
24:20who want to live
24:22in the house
24:22might actually buy it.
24:23Exactly.
24:24I haven't come across
24:25that in this documentary.
24:27Do you have
24:28some sort of report
24:29we can take it upon?
24:29We do have a report.
24:30We have this report.
24:32The renter's report.
24:33Yeah, exactly
24:33what needs to change.
24:35Can I make one change?
24:36Because they only listen
24:37to wealthy businessmen
24:38and I don't think
24:39any of us are.
24:40We just put this sticker on.
24:42Yeah.
24:43Ralph report two.
24:44Much better.
24:45I don't think we've got a better chance.
24:46All right, let's go.
24:46And so we went
24:48to take our report
24:49to Parliament.
24:51This is the piece
24:52of documentation
24:52that we've got.
24:53Or at least we tried to.
24:55It seems that even though
24:56we've named our report
24:57after wealthy business people,
24:59we may not look like them.
25:00So we're struggling
25:01to get in.
25:01I'm not rolling.
25:02I saw you clicking there.
25:03I'm literally not.
25:05But then somebody
25:06let us in the back door
25:07and we managed
25:08to find a politician
25:09who was willing
25:09to speak to us.
25:10David Shoebridge
25:11from the Greens.
25:12Housing is a human right.
25:13It's Article 25
25:14of the United Nations
25:15human right.
25:16It's a basic human need.
25:17We're not asking for,
25:19you know, gold or jewels.
25:21We just want somewhere to live.
25:22Absolutely.
25:23And I think, you know,
25:23a country as wealthy as ours,
25:25it is kind of a fundamental right
25:27that you should be
25:28absolutely guaranteed.
25:30I'd like to see housing
25:31treated more as a human right
25:32rather than as an investment vehicle.
25:35And if you want to do that,
25:36you've actually got to change things
25:37like the capital gains tax discount,
25:39which set it up
25:40as an investment.
25:4160% of people own
25:42or have a mortgage.
25:44And so they're looking
25:45after the majority.
25:46Tweak the tax system,
25:48have a genuine conversation
25:49about immigration and population,
25:50somehow tie that to housing.
25:53These are tough conversations.
25:54And from what I've seen,
25:55the major parties
25:56aren't yet ready to have it.
25:58The challenge is,
25:59can we convince other politicians
26:01not named David?
26:02I think that's the big challenge.
26:06Although that might not
26:07be the biggest challenge.
26:08While there are a lot of Davids
26:10in Parliament,
26:10at the last count,
26:11seven,
26:12there are a lot more
26:13of another category,
26:14property investors.
26:16In the last Parliament,
26:17147 politicians
26:19had at least two properties.
26:21That's 65% of them.
26:23A couple even had seven.
26:25So it may be an uphill battle
26:27to change this.
26:28But I've given them a report.
26:30My job is done.
26:32Well, it's so great
26:32that we've managed
26:33to get this report
26:33into Parliament
26:34with some changes
26:35to capital gains
26:36and negative gearing.
26:38And what's this other stuff?
26:40There's a bit more.
26:41There's a bit more we have to do
26:42besides fix the tax system.
26:44Step one.
26:44The other thing we need to do
26:45is get government back into housing.
26:47So we need social housing.
26:49We need like 940,000 social homes
26:52over the next 20 years.
26:53It's not a small thing.
26:54And we also need to make renting
26:56a viable option for people.
26:57We need to do something
26:58to make renting stable.
27:00We need to make leases longer term.
27:02We need to limit
27:02these unfair rent increases.
27:04And we need to give people
27:05minimum standards in rental homes.
27:07Excuse me.
27:07I just need to make a phone call.
27:10Alan, is it true
27:11that even if we fix
27:12capital gains tax
27:12and negative gearing
27:13there's still other things
27:14we need to fix?
27:15Well, it's a big part of the problem
27:16but there's no one silver bullet
27:18to make up for years of neglect.
27:21Are you still in the bath?
27:23No comment.
27:25The minor parties
27:26and independents
27:27clearly believe tax changes
27:28are necessary
27:29but the major parties
27:30are just not on board.
27:35It wasn't that long ago
27:37that one of the major party leaders
27:39actively campaigned
27:40on changes to
27:41negative gearing
27:42and capital gains tax.
27:43Former Labour leader
27:44Bill Shorten
27:45took tax changes on housing
27:46to two elections.
27:48But he lost
27:49and now he's left politics.
27:51I wonder where he is now.
27:53Oh, there he is.
27:59Once I got the one-time contender
28:07for Prime Minister
28:08off the phone
28:09he agreed to an interview.
28:11What was the debate like
28:13within the Labour Party
28:14about introducing those policies?
28:16There was some trepidation
28:18that you can't talk about
28:20changing housing tax policy.
28:23You know, you'd electrify yourself on it.
28:25I have a view that
28:26in Australia
28:27our tax system
28:28discriminates against
28:30the pay-as-you-go earner
28:32and favours those with property.
28:35How is it fair
28:36that the people repairing your cars,
28:38the people looking after your sick kids
28:40or teachers
28:41and firefighters
28:42pay more tax
28:44than someone
28:45who just happens
28:46to have enough starting capital
28:47to buy a lazy investment
28:49which does nothing
28:50and just increases in value
28:52and you get to keep it.
28:54Do you go along
28:55with the narrative
28:55that it lost you
28:56those elections
28:57or was it the sausage?
29:00Well, the sausage
29:00was never the problem.
29:01The bread was quite hard though.
29:03That bread roll,
29:05if you'd just eaten it
29:06in the traditional
29:06end-on way
29:07you'd have needed
29:08teeth like jaws.
29:09I hear,
29:10I sometimes just rip it off.
29:11Just go full protein,
29:13skip the carb.
29:13I just go straight in.
29:14But we digress.
29:15No, because we had
29:16our negative gearing policies
29:17in 2016
29:18and capital gains changes then
29:20and we won 15 seats.
29:22Do you think
29:23the appetite for change
29:24within federal parliament
29:25is gone for those changes?
29:28I don't know.
29:29Certainly there was
29:30a lot of scar tissue
29:31after 2019.
29:33Everyone seemed on board
29:34up to about 8pm
29:35on the election night.
29:36Afterwards I was a bit lonely
29:38where apparently no one
29:39except me
29:39ever wanted to do this.
29:41Do you think politicians
29:42are afraid
29:43to return to
29:44changes to negative gearing
29:47and capital gains tax?
29:49I think though
29:50it's easier politically
29:51to focus on supply
29:52and not the tax system.
29:55Which is exactly
29:56what happened
29:57at the 2025 election.
29:58We've made no changes
30:00to negative gearing
30:01or capital gains tax.
30:02The key of course
30:03is supply.
30:04That brings the supply
30:05of housing on
30:06which is really important.
30:07See?
30:08But you know what?
30:09At this point
30:09I'm looking for solutions
30:11and if the first one
30:12is clearly going to be supply
30:14or building houses
30:15well let's get to it
30:17and fast.
30:18But how?
30:25Printing our houses
30:26is one new way
30:27of increasing supply quickly.
30:29Now that might seem
30:30pretty far-fetched
30:31but there was a time
30:32when photocopying
30:33your arse
30:33would have seemed
30:34pretty far-fetched too.
30:37Nick Holden
30:38has been printing houses
30:39for six years now
30:40and I wanted to see
30:41if they actually stack up.
30:43Like literally.
30:45So how long
30:46did this take to build
30:47and how does that compare
30:48to a traditional build?
30:49We would have printed this
30:50in eight days.
30:51Eight days to print?
30:53Correct.
30:53On this one particular side.
30:55Okay.
30:55And if you were to do
30:56traditional methods
30:57what would that be?
30:58Oh wow.
30:59A lot longer.
30:59Probably triple that
31:01amount of time
31:02to get it to this level
31:03or even more
31:03because I don't know
31:05if I could think
31:05of a more inefficient
31:06way to build.
31:07You can imagine
31:08traditionally
31:08you've got a guy
31:09with a pile of bricks
31:10down here
31:10his mate's carrying them
31:12down there
31:12and you're laying
31:13brick by block
31:14by block
31:14by block.
31:15Do bricklayers hate you?
31:17No they're not around
31:18anymore
31:18so that's it.
31:19It's hard to get one.
31:20You're paying them
31:21more than a surgeon
31:22when you can get them.
31:23But it's worked.
31:24It's got us where we are
31:25but it's time to automate.
31:26So we're almost
31:27three times faster
31:28with less people
31:29involved.
31:30And your team
31:31is just a bunch of nerds?
31:32Yeah.
31:33Techies not tradies.
31:33Right.
31:34Okay.
31:34Gotcha.
31:42The top here
31:43is a composite panel
31:44system
31:44so the hole upstairs
31:46for two days
31:46to put up.
31:47Your time lapse
31:47videos must be
31:48super quick.
31:49printing houses
31:53printing houses
31:53may seem far-fetched
31:54but we need to be
31:56throwing everything
31:56at this problem
31:57because at the same time
31:58we're trying to build
31:59more houses
31:59we're also losing them
32:01thanks to climate change.
32:02the worst bushfire crisis
32:05in the state's history.
32:07An historic flood crisis
32:08with thousands of people
32:10stranded,
32:10homes inundated
32:11as the city sees
32:13its worst flooding
32:14in its history.
32:16That's the Wilson River.
32:18It may not look like much now
32:20but in 2022
32:21it rose above this bridge
32:23to trash the northern
32:24New South Wales town
32:25of Lismore.
32:26Over a quarter
32:28of private homes
32:29were impacted
32:30and more than
32:30one in five
32:31were so damaged
32:32they were uninhabitable.
32:34Thousands of people
32:35were left looking
32:36for homes
32:37practically overnight.
32:40In a place like Lismore
32:41the housing crisis
32:42has been accelerated.
32:44The government
32:44is having to step in
32:45by getting more land
32:46released
32:47and building new homes.
32:49It's an opportunity
32:50for a fresh start.
32:51They're not just
32:52building differently
32:53they're also trying out
32:54a new model of renting
32:55at the same time.
32:56It's called
32:57Build to Rent.
32:59Build to Rent
33:00it's purpose built
33:01rental accommodation.
33:02So it's permanent rental
33:04in and amongst
33:05the build to rent component
33:06that is also
33:07a 20% affordable
33:08housing component.
33:10I just need to check
33:10so if 20% is affordable
33:11it doesn't mean
33:12the other 80%
33:13is unaffordable
33:13does it?
33:14Well it is for
33:15low to moderate
33:16income earners
33:17absolutely
33:17and I guess
33:18it's based on
33:19the needs of the area.
33:21And so how many units
33:22are you building here?
33:23So on this particular
33:24parcel of land
33:25which is about
33:25four and a half
33:26thousand square metres
33:27we're building
33:2850 apartments.
33:29Because it's
33:30purpose built
33:30accommodation
33:31and it's held
33:32by one owner
33:32at Lancome
33:33then it provides
33:34tenants with
33:35surety on their tenure.
33:37For example
33:37a landlord
33:38is not going to
33:39come and say
33:39I'm selling the
33:40apartment
33:40or I need
33:41the apartment
33:42back.
33:42It allows the
33:43tenants to
33:43you know
33:44hang a picture
33:45on the wall
33:45and call the place
33:47home.
33:47Unheard of
33:48unheard of
33:49who do you blame
33:50for the housing
33:51crisis?
33:51Where do you think
33:52we went wrong
33:52as a country?
33:53I think it's a
33:54generational thing
33:55really.
33:56Which generation?
33:56Name them.
33:59Oh.
34:01Starts with a B
34:02ends with an A B
34:02boomer.
34:06It's great the
34:06government is building
34:07rental properties
34:08and making sure at least
34:09some are actually
34:10affordable
34:10but why doesn't
34:12the government
34:12build houses
34:13and make them
34:13all affordable
34:14to the scale
34:15it used to?
34:17Our leaders
34:18once spent
34:18big on building
34:19public housing.
34:21They believed
34:21providing shelter
34:22for everyone
34:23was too important
34:24to be left
34:24to the private
34:25sector alone.
34:26What's changed?
34:29Australia used
34:30to build public
34:31housing on a scale
34:32unimaginable today.
34:33It's a neat little
34:34home one of thousands
34:35badly needed in this
34:36city.
34:37The young married
34:37couple's desperately
34:38home hungry.
34:39The government
34:40has pledged
34:40to build
34:4090,000 houses.
34:42Right after World
34:42War II
34:43over 20%
34:44of all new homes
34:46were public housing.
34:47And at Heidelberg
34:48will be an estate
34:48of 4,500 homes
34:51But former Liberal
34:52PM Robert Menzies
34:53began the mass
34:55sell-off
34:55of public housing
34:56to encourage
34:57Australians
34:58to become
34:58what he called
34:59little capitalists.
35:01And hope
35:02someday
35:03to sit under
35:04their own
35:05vine and fig tree.
35:06Home ownership
35:07rates skyrocketed
35:09whereas public
35:10housing declined
35:11steadily.
35:12Less than 4%
35:13of Australians
35:14now call it
35:14home.
35:18Those that can
35:19get a spot
35:19in our remaining
35:20public housing
35:21benefit greatly.
35:22Like Norrie.
35:24I like that
35:24these are our
35:25forever homes.
35:26We're the people
35:26that may have been
35:27knocked around by life
35:28so we give each
35:29other a lot of grace
35:30and space.
35:31That must be lovely
35:32to be part of a
35:33community.
35:34I think, you know,
35:34speaking as someone
35:35who really don't
35:36know my neighbours
35:36it's lovely to see
35:38an environment
35:39where people
35:39do know each other.
35:40Very much so.
35:41I think I've moved
35:42five places
35:43in the last six years
35:44so what is about
35:46to happen here?
35:47Well, this area
35:48is currently
35:49100% public land
35:51and public housing
35:52built on it.
35:53The proposal
35:54from the government
35:54is to change
35:55that over
35:56so 50%
35:57private houses
35:58on it
35:58and I think
35:5920% affordable
36:01and 30%
36:02social housing
36:03having public housing
36:04is winning
36:05the lottery in life
36:06so you're guaranteed
36:07a roof over your head.
36:09You said that this
36:09was supposed to be
36:10your forever home
36:11but that's now
36:12not going to be the case
36:13so do you know
36:14what's going to happen
36:15to you?
36:16No one likes
36:16moving house.
36:18We've been promised
36:19if we want to stay
36:20in the area
36:20we can
36:21but I don't know
36:22where else
36:22they're going to put
36:22a lot of us.
36:23I hope that my next
36:24place is my forever home.
36:32Chipping away
36:34at the public housing
36:35model is something
36:36happening across
36:36our major cities
36:37and while Norrie
36:38may have a place
36:39to go for now
36:40so many people
36:41their age
36:42are being thrown
36:43back into the rental market
36:4450, 60 year olds
36:46who don't have a home
36:47and have to battle
36:48to pay for a roof
36:49over their head.
36:51And what makes
36:52all of this worse
36:52is that the government
36:53says there's a supply
36:54problem
36:55but we're not even
36:56using the homes
36:57we've already built.
36:58In the midst
36:59of a housing crisis
37:00there are homes
37:01sitting empty
37:02all over the country
37:03and I'm about
37:06to meet a group
37:06of people
37:07with a pretty
37:07radical solution.
37:14This is a vacant
37:15property
37:16in Melbourne's
37:16suburbs
37:17where squatters
37:18are taking
37:18the housing crisis
37:19into their own hands
37:20and moving in
37:21without the owner's
37:22permission.
37:24I don't really
37:25know what to expect
37:26I'm guessing
37:26graffiti
37:28and boarded up windows
37:29I really don't know
37:30so yeah
37:32let's go see
37:32what a squat is like.
37:35Hello.
37:38Hi there.
37:39Hi I'm Mark.
37:40Cammie.
37:41Nice to meet you.
37:41Hello Cammie.
37:42Okay
37:42so this is a squat.
37:44This is a squat.
37:45I've got to admit
37:45it looks a lot nicer
37:46than I expected
37:47I think I thought
37:48there'd be boarded up
37:49windows and graffiti.
37:50Is it bad
37:51that I was expecting
37:52a shithole?
37:53I think that's
37:54kind of common
37:55I think that's
37:55what's expected
37:56I think that's
37:57a misconception.
37:58This looks like
37:59quite a nice bathroom.
38:00It's nicer than
38:00some of the places
38:01I've rented
38:02to be honest.
38:02Oh really
38:03and you live
38:03with other people?
38:04Yes I live
38:05with other people.
38:06Okay let's go meet them.
38:07Let's go.
38:08Didn't realise squatting
38:09would actually involve
38:10squatting.
38:12Do you have any sense
38:13of how many
38:14vacant properties
38:15there might be
38:16in let's take
38:17Melbourne as an example?
38:19A lot.
38:20Yeah I think
38:21it's 97,000
38:22in the greater
38:23Melbourne area.
38:24Gosh.
38:24Yeah.
38:25I mean 97,000
38:27homes empty
38:28and recent estimates
38:30are something
38:31that there's
38:3130,000 people
38:33living rough
38:34and a lot more
38:35that are housing
38:36insecure
38:36so it breaks
38:38my heart.
38:39So this is a really
38:39obvious question
38:40but I have to ask it
38:41what would you say
38:43to those people
38:43who say
38:44you're living illegally
38:46in someone else's
38:47property?
38:47Shelter
38:48is a human right.
38:50That's just how it is.
38:51I just can't re-engage
38:52in the housing market
38:53the way that it is
38:54right now.
38:55I'm a qualified
38:55social worker.
38:57I work.
38:57It's not necessarily
38:59that I can't afford
39:00to rent.
39:01It's that I've attended
39:03rental viewings
39:05and there's 60
39:06other people there
39:06trying to fight
39:07and compete
39:08for these overpriced
39:10properties.
39:10I just thought
39:11maybe I'll have a crack
39:14at making use
39:15of these empty
39:16homes instead.
39:17It just makes
39:18no sense
39:19to have so many
39:20homes empty
39:20and then to be
39:21fighting each other
39:22for scraps.
39:26Squatting might be
39:27pretty frowned upon.
39:28That's probably got
39:29something to do
39:30with the whole
39:30moving in for free
39:31without permission
39:32thing.
39:33I get it.
39:34But with so many
39:35empty buildings like
39:36that maybe there are
39:37other ways of turning
39:38them into places to
39:39live.
39:40One group is trying
39:41to do this.
39:43Housing All
39:44Australians is a
39:45collection of developers
39:46who are combining
39:47their skills and
39:48working free of charge
39:49to fix up
39:50dilapidated properties.
39:52Developers working
39:53for good?
39:54This I've got to see.
39:56Do you think there
39:57are enough empty
39:57properties that could
39:58actually then make a
39:59dent in the housing
40:00crisis?
40:01There is for sure.
40:02You know if someone
40:02can find those empty
40:03properties and I'm sure
40:04there's a number of
40:06them that are empty
40:06if you can find those
40:08and align yourself
40:08with builders that
40:10really want the best
40:11for the community
40:12then definitely.
40:13I mean there's always
40:13going to be that
40:14crisis but if you
40:15can find any way
40:15to reduce it that's
40:16aligning yourself
40:16with good people.
40:18Luke's company is
40:19normally in the
40:20business of constructing
40:21new homes but here
40:22they've refurbished a
40:24disused building that's
40:25about to be tenanted
40:26with families needing
40:27short-term accommodation
40:28and they did it in just
40:30four weeks.
40:32With all the free
40:33labour involved I
40:34couldn't help being a
40:35little suspicious so I
40:36did my due diligence
40:37and checked out the
40:38handiwork.
40:43It works.
40:52But what do these
40:53refurbished projects look
40:54like when people actually
40:55move in?
40:58I'm going to visit the
41:00tenants living in a
41:00previously empty building
41:02in Port Melbourne where
41:03Housing All Australians has
41:04worked in partnership with
41:06a social housing provider
41:07and while building new
41:09social housing takes time
41:10this has been done at
41:12speed.
41:13G'day, hi, I'm Mark.
41:17I'm Brian, how are you?
41:18Hello Brian.
41:19Thank you for letting me
41:20come to your place.
41:21So how do you find it
41:22here?
41:22What's it like?
41:23It's too good.
41:24I've got a nice
41:25apartment.
41:26I have my son living
41:27down the road and it
41:28is a much more easier
41:30life.
41:31No housemates, that's
41:32the dream.
41:32No housemates.
41:34That's what in my
41:35particular case.
41:36So how long have you
41:37been here?
41:38A year and four months.
41:40Do you think initiatives
41:41like this are really
41:42important?
41:43Yeah, I think it's very
41:44important that they can
41:45develop undeveloped areas
41:47which are lying vacant.
41:50So someone took the
41:51initiative and I appreciate
41:53the stability and there's
41:54no homeowner here who can
41:56up the price 20% or whatever
41:58it feels like and it's also
42:00not going to close down.
42:02this house will offer me this
42:04stability which I need as an
42:06elder person.
42:11Rents here are set at 25% of a
42:14person's income.
42:16What's it like living here?
42:17You've got a place where you can get up
42:20and have a shower and make some
42:23breakfast without anybody
42:25complaining about where you can
42:27keep your belongings and not have
42:29to worry about them getting stolen
42:31off the streets, especially if you've
42:34been there.
42:35What does that do for your sense of
42:37self and mental health, knowing
42:39you've got a place?
42:40It has made a big difference to my
42:42life because I wasn't sure what was
42:44going to happen.
42:47This is heaven for me.
42:50Heaven.
42:52H-E-A-V-E-N.
43:01Heaven.
43:06Meeting these people reminds me what a
43:08difference having a stable roof over
43:11your head can make in people's lives.
43:15I think this basic idea is something
43:17that gets lost in our current debate
43:19about housing.
43:22So where do we go from here?
43:29I think we saw some really interesting
43:31ideas that people are pursuing.
43:32I love the idea of 3D printed houses.
43:34You can see that it saves on time and
43:36money and materials.
43:37on the renting side of things.
43:39Ideas like build to rent, provide
43:41greater stability for renters.
43:42That's all great.
43:44I've got to be honest.
43:46This is not good enough.
43:47And there's no disrespect to that work.
43:49I'm talking about the bigger issue we
43:51have.
43:51It's a mindset issue we have in this
43:52country where we are viewing property
43:55as a pathway to wealth as opposed to
43:57something which is designed for people
44:00to live in.
44:01At what point did the Australian dream
44:03go from owning your own home to owning
44:05somebody else's.
44:07It's ridiculous.
44:09I don't have this great silver bullet
44:11solution for this problem other than
44:13everyone needs to understand that this
44:16is unsustainable and that this is wrong.
44:18It's actually morally wrong what we're
44:20doing.
44:21So get angry about it because I bloody well
44:25about it because it's not just a
44:27problem.
44:30We may not have a silver bullet but
44:31maybe we just need the silver foxes.
44:35I realized that without getting the
44:37homeowners, the boomers, the investors
44:39on board we won't be able to change the
44:41Australian mindset.
44:43We just need to convince them that they
44:44would also benefit from the change.
44:46And there was only one man for that job.
45:01Ray!
45:03Look, I'm sorry I couldn't take your calls.
45:05I was too busy being an Australian icon, man.
45:07I understand. Ray, you're the only one that can help me.
45:10Australia's housing crisis will never be solved
45:12as long as homes are treated as an investment strategy
45:15instead of as places for people to live.
45:17People need to understand that the great Australian dream
45:19is no longer alive and well, as you once said,
45:22funnily enough, on a building site just like this one.
45:24At this twilight end of our century,
45:26the great Aussie dream is still alive and well.
45:29Ray?
45:31What's changed, Mark?
45:32Well, I've just been covering that for the last hour.
45:34You'll need to rewind it.
45:35I don't think that's going to happen.
45:37Um, is there anything I can do to help?
45:39Well, I want to record a message to end this film on housing
45:42that reflects the current reality.
45:44And we need you.
45:46Older Australians will listen to you, Ray.
45:48Can you do that?
45:56Yeah, okay.
46:01At the twilight end of the 20th century,
46:03the great Aussie dream was alive and well.
46:06Little did we understand that at that very time,
46:08changes were taking place which would supercharge
46:11the cost of housing in the lucky country.
46:14As a nation, we became addicted to increasing
46:16the value of our homes.
46:18But now we have to ask a question of the homeowners out there.
46:21Just what is the value of your home
46:23if your kids and grandkids now can't afford
46:25to live in the same town as you?
46:27Oh, worse yet, the only way that they can afford
46:29to live nearby in your street is by moving in with you
46:32and drinking all of your VBs and eating all of your Gherkins,
46:35even though they don't like VBs or Gherkins.
46:39Okay, we've shown the need for greater investment
46:41in public housing, new approaches to building,
46:44using the empty properties we already have
46:46and tackling our tax system.
46:48Just as crucially, we've seen the need to improve
46:50the whole experience of renting and provide stability of housing.
46:53The tragic reality is not everyone is going to be able to own a home.
46:57Well, as you've seen, I haven't seen,
47:00but there's no one silver bullet for the problem.
47:02Just once I'd like someone to say there is a silver bullet.
47:04Well, the solution can't be,
47:06let's just keep doing what we've been doing
47:08because the Australian dream as we once knew it might be over.
47:11But it doesn't mean that we have to accept the nightmare.
47:14That was great, Ray.
47:16You really love those VBs.
47:18Our food champions.
47:20Was that enough? Did that do it?
47:21That was perfect, Ray.
47:22Okay.
47:23Just one more thing.
47:25You couldn't lend me some money for a house, could you?
47:28Let me think about it.
47:52Let me know that.
47:53Let me know the form of my business.
47:54Let me know the title of the Transcript and be here.
47:55Let me know that you've been thinking,
47:56I'll see you later.
47:57I will see you later.
47:58You're ready.
47:59See you later.
48:00All right.
48:01You're ready.
48:02I'm looking for my business now.
48:04Everybody's been doing something.
48:05I have to sit with you.
48:06I'm looking for your business.
48:07I'm looking for you.
48:09You're looking for that for no reason.
48:11I'm looking for you.
48:13You're looking for a business.
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