Independent Mayoral candidate calls for root cause of housing unaffordability to be tackled

Independent Mayoral candidate calls for root cause of housing unaffordability to be tackled

Media release 3 March 2008
by James Sinnamon : Independent Candidate for Mayor of Brisbane>
2008 Brisbane City Council Election

James Sinnamon, an independent candidate for Lord Mayor of Brisbane, called upon Prime Minister Kevin Rudd to tackle the real cause of housing inflation rather than to apply band-aid measures at the expense of taxpayers.

"When all policy is supposed to be driven by hard economics, it is astonishing that the added demand for housing caused by record high immigration is barely discussed," said Mr Sinnamon.

"Back in 2004 when profits from property investments momentarily slumped, the property sector demanded, and got, from Prime Minister John Howard, record high immigration[1]. As a result, Australia's population has risen by a further 1.2 million in just four years[2], housing costs have hit the stratosphere, and housing repossessions have reached 800 per week with a further 300,000 households at risk with the latest threatened interest rate rise[3]."

"Property investors have got their wish," said Mr Sinnamon, "and the rest of us are paying the price."

"Mr Rudd needs to decide whether he will continue to serve the interests of the property sector or whether he will provide ordinary Australians with affordable housing, but he cannot do both."

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Footnotes

1. "She's one in 21 million as Australia comes of age", Sydney Morning Herald, 30 Jun 07 and Australian Bureau of Statistics population clock.

2. An economist representing the real estate industry on Radio Australia's "Australia Talks back" of Wednesday 20 May 2004 said repeatedly that increasing immigration would fix the claimed woes of property investors.

3. House Flu , The Age 24 Feb 2008