... federal politicians created this mess.
How?
Politicians LOVE high housing prices...
http://www.macrobusiness.com.au/2014/08/aussie-politicians-300m-property-portfolio/So why would they have any interest in making housing affordable to young first home buyers when they exploit the system they created?
Here is what the politicians have done to make housing for young first home buyers unaffordable...
(1) Recklessly allowing very generous tax avoidance though tax deductions on investment loan interest and outgoings
(2) Recklessly not getting rid of negative gearing
(3) Recklessly keeping capital gains tax on investment houses much lower than the typical marginal income tax rate
(4) Recklessly allowing the rich to collect as many houses as they can
(5) Recklessly allowing foreign buyers to acquire our houses and land
(6) Recklessly adopting the BIG Australia policy - too much immigration
(7) Recklessly imposing a punitively high stamp duty on young first home buyers (State government tax)
Finally...
http://www.theaustralian.com.au/business/property/chinese-homebuyers-seek-wealth-protection-migration-options-report/story-fniz9vg9-1227023533154?nk=d28aef20a6c0cb7df5139ca9f7f5fe3dIt is up to the government to protect our interests. The politicians in successive governments since the dark days of Bob Hawke have failed young first home buying families, and they have demonstrated they really don't care about this. After all, they have their own interests to take care of.