00:02Millennials and Gen Z are increasingly being priced out of the great Australian dream.
00:08I'm going to be stuck with living with my parents.
00:10Unless I win the lotto, probably no chance to be honest with you.
00:14And they're not alone.
00:16Australians of all ages are facing the prospect of renting for life.
00:20I cannot afford to retire.
00:23It terrifies me and it's the one thing that keeps me awake most nights.
00:29Because I just don't know how I will survive.
00:33After beating terminal cancer, 66-year-old Joanne Allen wants nothing more than to garden and travel with her grandchildren.
00:40But instead, she's worrying about where she'll live next after depleting her super to pay for the medical expenses.
00:48It's not a nice feeling. It can be really overwhelming.
00:51Demographers say Australia's retirement system is not set up for forever renters.
00:56We absolutely have a problem.
00:58In retirement, you want to live in a property that you own simply because that means your costs each month
01:05are much, much lower and you're on a fixed income.
01:09And they warn the problem is only going to get worse.
01:12It's a crisis guaranteed to happen because we know that the share of renters goes up
01:18and we know that costs that the public coffers have to pay will increase as well, which means we need
01:23to raise more tax.
01:24About one in four Australian households rent privately and it's no longer considered a stepping stone to home ownership.
01:32The proportion of Australians renting is on the rise, doubling for retirees from 4.6% in 2001 to 9
01:40.4% in 2024.
01:42Housing experts say urgent action is required.
01:46They want the government to reintroduce tax concessions linked to a set of national standards, including longer leases and property
01:55upgrades.
01:56We will provide some negative gearing and capital gains tax concessions to landlords of existing properties, but only if they
02:04adhere to a new set of national rental tenancy standards.
02:08For lifelong renter Joe, it's change which can't come soon enough.
02:12For somebody who has worked their whole life, retiring into homelessness is not something that I want to do.
02:20For someone who has worked there, I want to make sure that I've worked at the market for an environmental
02:20change in the market.
02:20For someone who has worked the market, if I can see them, they can write a lot of money on
02:20that.
02:20For someone who has worked there for the $15 so well, let's get back to the market, so to buy
02:20them the market.
02:20And it's the market.
02:20I've done this one that's been the market where the market will be bought, but it's a eben.
02:21But they've affected a lot of money.
02:22I've made it, and I've spent this year.
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