Inflation rise adds fuel to the fire of the cost of living crisis

Today’s new inflation figures further highlights the need for more Federal Government intervention in the housing market as Australia’s cost-of-living crisis continues.

Data released this morning shows consumer prices has risen by 5.1% over the past twelve months, the fastest increase in nearly 20 years. There was a 2.1% increase this quarter alone.

Everybody’s Home spokesperson Kate Colvin said soaring housing costs is central to the cost-of-living crisis and must be addressed as a matter of urgent priority.

“Cost of living in Australia is out of control as today’s inflation figures show. The Federal Government must take action now ahead of a likely interest rate rise, and commit to an urgent injection into social and affordable housing.”

“Failure to do so will see the cost of housing soar even further, sending hundreds of thousands into housing stress and homelessness. Australians across the country from the regions to our biggest cities are already at breaking point, no part of the country has been spared,” Ms Colvin said.

“More social and affordable housing is the fastest and easiest pathway out of the cost-of-living crisis, there is no time to waste in making that investment now.”

Ms Colvin said candidates in the upcoming federal election who commit to supporting increased spending on social and affordable housing will be rewarded.

“Cost of living pressures are at the forefront of many voters’ minds, with inflation on the rise and soaring housing costs, candidates who commit to social and affordable housing will be rewarded at the ballot box” Ms Colvin said.

There has not been an increase in spending on social and affordable housing since 2013, with a current social housing shortfall of 25,000 homes, causing significant damage to the Australian economy.

Everybody’s Home recent Federal Budget position paper showed underinvestment in social housing is causing foregone public sector cost offsets and private sector benefits of $676.5 million per annum currently, rising to $1.286 billion per annum in 2036

Media contact: Levi Joule 048 111 2074

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