Housing crisis delivers the taxpayer a $16 billion bill

The Government’s valuation of its social housing programme reveals just how badly the housing shortage is hitting taxpayers, says ACT Leader David Seymour.

“The Government’s social housing liabilities total $16 billion – that’s a bill to taxpayers equal to 615 flag referendums. We know the housing crisis hits us in our mortgage payments and in our weekly rent, but now it’s hitting us in our tax bill too.

“Just like with superannuation, National’s complacency on our low rates of home-building has allowed costs to build up over time – and it’s the taxpayer who bears the consequences.

“The vast majority of this bill comes from rent subsidies. In other words, the government is pumping taxpayer money into the rental market, driving up costs even further.

“None of this would be necessary if National had adopted ACT’s housing policies when we identified the problem years ago.

“With more MPs, ACT will force National to scrap the behemoth of red tape in planning laws that stops people from building homes. With a properly functioning housing market, we could then scrap the social housing portfolio entirely.”

ENDS

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