Home truths: the role of housing in economic recovery, by Curtin University School of Economics, Finance and Property Professor Rachel Ong ViforJ and University of Adelaide Centre for Housing, Urban and Regional Planning Director, Professor Chris Leishman, finds while homebuilding is the favoured solution for stimulating the economy, the Government’s HomeBuilder and First Home Loan Deposit Scheme (FHLDS) programs will do little to address affordability and access in the long-term.
CEDA Chief Economist Jarrod Ball said there are well-known economic arguments for targeting home building in any stimulus package, but there are also unintended consequences to such large-scale policy measures.
The paper highlights the opportunity for governments to build more social housing, which would help boost growth while also improving the lives of vulnerable Australians.
“At last count there were more than 140,000 people on public housing waiting lists,” Mr Ball said.
“Social housing investment can boost economic activity while improving the livelihoods of Australia’s poorest households.
“After the GFC, 19,700 new homes were built as part of the $5.6 billion Social Housing Initiative. This created 9,000 full time jobs in construction.”
The report also outlines the continuing case for changing the way housing is taxed, while acknowledging the political challenges this would face.
To coincide with the release of this paper, CEDA Chief Economist, Jarrod Ball, spoke witht the authors, Curtin University’s Professor Rachel Ong ViforJ and University of Adelaide’s Professor Chris Leishman to discuss how COVID has changed the conversation around housing policy, housing construction's effectiveness as a stimulus tool, tax reform, and social housing.
CEDA Chief Economist Jarrod Ball is available for further comment and interviews.
For more information, please contact:
Justine Parker, Media Manager and Content Specialist
Mobile: 0436 379 688 | Email: firstname.lastname@example.org
Roxanne Punton, Director, Communications
Mobile: 0409 532 287 | Email: email@example.com
CEDA – the Committee for Economic Development of Australia – is an independent, not-for-profit membership organisation.