Australia launches A$512 mln housing affordability fund

Food

Australian Prime Minister Kevin Rudd said here on Monday the housing affordability crisis in the country is out of control and his government planed to bring down the relative cost of purchasing a home.

Rudd made the promise while officially launching the government’s five-year A$512 million ($410 million) housing affordability fund at a residential development in suburban Canberra.

Rudd said the fund would bring down the cost of houses and new developments by reducing infrastructure charges and speeding up planning approvals. “The challenge is to make it work, so that the dream of owning your own home becomes more of a reality,” he told reporters. “What I am signaling loud and clear is that we want to tackle the housing affordability crisis for Australian families which has gotten out of control, and we need to start bringing it back under control,” the prime minister added.

The cost of buying a new house has been rising steadily over the past 10 years. In 1996, the average cost of buying a new home represented four times the annual average wage, and by the end of last year it cost seven-and-a-half times the average wage. (Xinhua)

Avg Hourly Pay Rate for Blue-collar Workers Climbs 16% in Q1 Figures

Avg Hourly Pay Rate for Blue-collar Workers Climbs 16% in Q1

Bulgaria's Household Income, Spending Rise 20% in 2023 World

Bulgaria's Household Income, Spending Rise 20% in 2023

Job Fair and Career Prep at Corvinus Starts Tomorrow HR

Job Fair and Career Prep at Corvinus Starts Tomorrow

Silvanus Hotel Under Reconstruction, Will Reopen in Fall Hotels

Silvanus Hotel Under Reconstruction, Will Reopen in Fall

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.