Record immigration and tax reforms blamed as 2.3 million renters face housing squeeze

Aussie families have become caught in a housing squeeze where high immigration intake is colliding with government tax reforms that have driven property investors out of the housing market. And housing experts have warned the result has been another round of crippling rent hikes as a swelling tenant pool competes for a stagnant supply of rental properties – leaving many families at a financial breaking point. New figures from Digital Finance Analytics have revealed 2.31 million Australians reported being in rental stress in July, representing 74.4 per cent of renting households. The data defined “stress” as households spending a disproportionate amount of their income on rents – often to the point that they had to dig into savings or credit cards to meet basic living expenses. Institute of Public Affairs executive director Daniel Wild said the high numbers of households enduring rental stress suggested migration cuts were needed. Rents have been rising this year. “This shocking data is just another example of the real life consequences of the government’s failed mass migration experiment that has been inflicted on Australians,” Mr Wild said. “Sadly it is often the most vulnerable i...