Boosting home ownership
the mrc makes a submission to a senate inquiry
This week, the MRC appeared before a Senate Economics References Committee inquiry on improving retirement outcomes.
Home ownership is an important contributing factor to a higher quality retirement. Among other benefits, retirees who own homes generally have lower housing costs compared to renters and an asset that can be drawn on in retirement.
But Census data points to decreasing home ownership across all age brackets and generations.
Declining home ownership rates in retirement have correlated with increased numbers of older Australians accessing Commonwealth rental assistance, which makes a dignified retirement increasingly out of reach for more Australians.
James Mathias and Freya Leach argued that young people should be able to access a portion of their superannuation savings to contribute to a deposit for their first home.
The MRC was invited to appear before the Senate Committee after making a written submission to the inquiry.