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Bloomberg

A growing number of retirees in Australia risk falling into homelessness because they cannot afford to pay rent, according to a new report aimed at lawmakers preparing to fight an election on housing and cost-of-living pressures.
The rising cost of rent, falling rates of home ownership and inadequate rental assistance has pushed two-thirds of retirees who privately rent into poverty, according to the Grattan Institute report.
Half of retired people who rent have less than A$25,000 (US$15,700) in their savings, it showed.
“Most older working Australians who rent do not have sufficient savings to keep paying rent in retirement,” the report said. “This problem is set to get worse.”

Higher interest rates, a dire shortage of new homes and booming population growth post-pandemic have worsened a housing crisis throughout Australia.
As Prime Minister Anthony Albanese’s Labor government touts its cost-of-living measures ahead of an election due by May 17, nationwide rents hit a new high of A$620 per week in the December quarter, REA Group Market Insight data showed.
In Sydney, only 4 per cent of single retirees relying on income support can afford to rent a one-bedroom home, while just 14 per cent of Melbourne’s private rental market is accessible, according to the report.
The Grattan Institute is calling for a A$2 billion boost in overall government rental assistance, with A$500 million allocated to retirees. Further tightening of superannuation – or retirement savings – tax breaks, curbing the property investment strategy of negative gearing and halving the capital-gains tax discount could fund the boost in spending, it said.


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Australia

Elderly men walk along a beach in Sydney. In Sydney, only 4 per cent of single retirees relying on income support can afford to rent a one-bedroom home, according to a new report. Photo: AFP

A woman walks past a property agent’s display in Melbourne. Rents in Australia hit a new high in the final quarter of 2024. Photo: AFP

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An elderly woman is seen in Pasir Mas, Malaysia’s Kelantan state. Photo: AFP

A screengrab from the viral video Malaysian doctor Izad Iskandar shared on TikTok. Photo: TikTok/izadiskandar

An elderly man is helped into a wheelchair in Alor Setar, Kedah, Malaysia. Photo: AFP

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Pedestrians in Melbourne, Australia. An ageing population will place pressures on Australia’s financial resources. Photo: Shutterstock

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Senior citizens chat in a park in Sydney. Employers can make themselves more attractive to older workers by being more flexible, and providing training to older workers, the report says. Photo: Shutterstock

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Residential properties in a Sydney suburb. Photo: Reuters

Residential and commercial properties are seen near the Opera House and Harbour Bridge in Sydney, one of Australia’s biggest – and priciest – housing markets. Photo: Shutterstock

An aerial view of houses in the Sydney suburb of Clovelly. Median home prices in Australia’s most expensive city regularly exceed A$1 million (US$668,000). Photo: Reuters

Australian Prime Minister Anthony Albanese speaks to the media in Sydney on Wednesday. Photo: Australian Broadcasting Corp. via AP

A for-sale sign is seen outside a home under foreclosure in Denver, Colorado. Australia hasn’t yet seen a wave of foreclosures like the one that hit the US during the subprime mortgage crisis of 2007-2010. Photo: AP

A row of newly built apartment blocks is seen in the Sydney suburb of Epping. Mortgages are estimated to account for about 65 per cent of bank’s balance sheets in Australia. Photo: Reuters

RBA Governor Philip Lowe attends a G20 finance meeting in Indonesia last year. He alluded to future economic “uncertainty” for Australia in his statement following Tuesday’s decision on interest rates. Photo: Reuters

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Residential buildings in Sydney, Australia. Photo: Bloomberg

News

Asia

Australasia

Most Australian retirees who privately rent have been pushed into poverty and don’t have enough savings to keep paying, a new report shows


Most Australian retirees who privately rent have been pushed into poverty and don’t have enough savings to keep paying, a new report shows.


Ageing society

Poverty

Property Matters

Asia housing and property