A quick addition to housing affordability
Posted by Possum Comitatus on April 2, 2008
Continuing on from our last round of debate, Anthony Richards, the Head of the Economic Analysis Department at the RBA has just conveniently published a spiel on housing affordability that he gave to the Melbourne Institutes 2008 Economic and Social Outlook Conference.
It not only addresses a lot of the issues we’ve looked at here, but conveniently provides a fair whack of data that people have been asking about. For anyone really interested in the policy side of this, have a close squiz at the footnotes and the References where there’s a good list of further reading.
For those of you that either dont know or, like me, dont particularly care, the Senate Select Committee on Housing Affordability in Australia has started going through the motions. I’ve never had much faith from the outset in this particular committee doing anything remotely usefull about housing affordability – but it wasnt until this morning that I actually came across its terms of reference via Tug Boat Potemkin via Club Troppos daily missing link.
The terms of reference for this exercise in intellectual horsepower are:
1. That a select committee, to be known as the Select Committee on Housing Affordability in Australia be established to inquire into and report upon:
The barriers to home ownership in Australia, including:
a. the taxes and levies imposed by state and territory governments;
b. the rate of release of new land by state and territory governments;
c. proposed assistance for first home owners by state, territory and the Commonwealth governments and their effectiveness in the absence of increased supply;
d. the role of all levels of government in facilitating affordable home ownership;
e. the effect on the market of government intervention in the housing sector including planning and industrial relations laws;
f. the role of financial institutions in home lending; and
g. the contribution of home ownership to retirement incomes.
Is there anyone else that reads this drivel and goes WTF?
The only tax regime mentioned is that of “States and Territories” – Oh how very convenient. I’m sure the usual special interest pleaders will have a field day with this one.
Garbage in – garbage out.