Aussie renter fights back!

Advertisement

For years, Macro Business has sounded the alarm about Australia’s immigration-driven housing crisis.

The data is indisputable. Australia’s rental affordability has plummeted to a record low, with households forced to devote a record portion of their income to rent a home.

Rental spending
Advertisement

Rents have risen about 50% nationwide since the pandemic’s beginning, driving the rental affordability collapse.

Median advertised

The historic surge in net overseas migration beginning in late 2021, which added more than one million renters competing for homes, was a major driver of the rent increase.

Advertisement
NOM

Data of the type seen here has been in the public domain for several years.

However, it took a father of three, Morgan Cox, to publicly appear on ABC’s Q&A last month so Australians could fully grasp the rental problem.

Advertisement

Morgan Cox is a typical hardworking Australian living on the NSW Central Coast. He works two jobs to help support his partner and three children, one of whom is only 15 months old.

Cox’s household received a $10,000 annual rent hike. He is unable to find another affordable rental house and risks losing his family home if rents continue to rise.

Advertisement

Cox asked the Q&A panel why the government is running a high migration policy when there are not enough homes to accommodate the arrivals.

The answers from the panel were pure gaslighting.

After appearing on Q&A, Morgan Cox’s story has appeared across Australia’s mainstream media.

Morgan Cox
Advertisement

Morgan Cox has now taken the fight directly to Prime Minister Anthony Albanese, setting up camp outside his 4.6 million mansion and demanding a better deal for Australia’s 3.5 million renters who have been largely ignored in this election campaign.

Advertisement

Cox has set up a website, Cost of Living Casualties, calling for renters to share their stories so that Morgan can petition the government and demand answers.

We wish Morgan Cox well in his fight and support him 100%.

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.