Greens Treasury spokesperson, Senator Peter Whish-Wilson, has reiterated calls for investment property to be treated as a financial product in the wake of the 4 Corners report on the state of the housing market in Australia.

Senator Whish-Wilson said, “Australia’s housing market is a debt-fuelled bubble driven primarily by tax breaks to investors. This is distorting the entire economy, creating enormous financial risk, and pushing the price of housing out of the reach of young people.

The Greens Treasury spokesperson, Senator Peter Whish-Wilson, provides the following comments on the release of HILDAs The Household, Income and Labour Dynamics in Australia Survey.

Senator Whish-Wilson said, “These survey findings won’t be a surprise for young people but they should be a wake-up call for the Government.

“These figures are catastrophic. No matter how hard young people are working or how much time they are putting into study, the ability of a young person to own their own home is slipping away.

The Greens have responded to reports of a private developer's plans for the former defence land along the Maribyrnong River, saying this is a typical Turnbull government move to deliver massive profits to big developers, with zero input from the community and no clear plan for fixing our housing affordability crisis.

The Mid-Year Economic and Fiscal Outlook released today highlights the Turnbull Government’s dead-end plan to balance the budget on the backs of the most vulnerable Australians, Leader of the Australian Greens Dr Richard Di Natale said.

​“There is one message in this MYEFO for everyday Australians: unless you’re a big corporation or Liberal Party donor, you don’t matter.”

“Malcolm Turnbull’s plan to hand out tax cuts to the wealthiest Australians while wage growth remains stagnant is a slap in the face to ordinary Australians doing it tough.”