The Australian Labor Party's economic policies have made my life significantly harder as a young man. Their migration surge basically raised my rent in Brisbane by 50% and made it approximately 2 times harder for me to get a down payment on a house. We have the second highest dwelling construction rate in the OECD, but we added nearly 10% to the total Australian population in just 5 years. It produced a massive housing crisis. Here are the concrete effects: I pay about $900 a week in rent: $3,600 a month. Back in 2020 the exact house I live in would have rented for approximately $500 a week: $2,000 a month. It's the exact same house, just twice as expensive. And it gets even worse if you were to consider trying to buy a house. Back in 2020 the house I'm renting would have been valued at $700,000. If you saved up $70,000 to put down a 10% home deposit in 2020, you would pay $2500 a month in mortgage repayments. Now the same house is valued at approximately $1.3 million. If I could somehow save $130,000 to put down a 10% home deposit on the same house today, I would be forced to pay $7,015 a month in mortgage repayments. My rent is $3,600 a month, so it wouldn’t even be worth it to buy the house and pay $7,000 a month to the bank to finance 30 years of debt slavery. This is a fucking broken system. Nobody can start a family because people can barely afford to house themselves. Stupid tax concessions for investment properties and a culture of useless unproductive speculation is part of the problem, but Labor also helped break the system by fucking SURGING demand - adding 10% to the population of Australia in less than 5 years. It’s literally insane. Why would any country do this to itself? Labor Party economic policy personally made my life SO MUCH HARDER.
