{"id":6350,"date":"2024-04-01T09:01:21","date_gmt":"2024-04-01T06:01:21","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=6350"},"modified":"2024-04-01T09:01:21","modified_gmt":"2024-04-01T06:01:21","slug":"australia-bank-ceos-call-for-a-fix-to-housing-shortage","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=6350","title":{"rendered":"Australia bank CEOs call for a fix to housing shortage"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/04\/australia-bank-ceos-call-for-a-fix-to-housing-shortage.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Australia\u2019s housing shortage may be driving prices higher but is locking out first-time homeowners and migrants needed to fill skills shortages across the country, the CEOs of Australia\u2019s three largest banks said on Tuesday.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-437694819\">\n<div id=\"cypru-1033915242\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-6165472243024-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>After years of ultra-low interest rates pushed home prices higher, Australia faces a long-term drop in the number of younger people buying homes, which could mean more people retiring in weaker financial positions, according to a 2023 government report.<br \/>\nAt a banking conference in Sydney, the heads of Commonwealth Bank (CBA.AX), National Australia Bank (NAB.AX) and Westpac (WBC.AX), Australia\u2019s top 3 lenders, blamed a housing supply shortage and urged local governments to speed up planning approvals.<br \/>\n\u201cFor the younger cohort, I think it\u2019s really a significant problem,\u201d CBA CEO Matt Comyn told the AFR Banking Summit, when asked about a housing market with some of the worst affordability in the world by a measure of debt to income.<br \/>\nWestpac CEO Peter King said that prices will go up when you have a supply-constrained market, but that the current home prices \u201cfrom a societal perspective, it\u2019s too expensive\u201d.<br \/>\nHe, however, added he was \u201cpositive on the housing market\u201d citing \u201cthe fundamentals of \u2018we need more houses developed&#8217;\u201d.<br \/>\nNAB CEO Ross McEwan told the event the country needed migrants but \u201cwe\u2019ve got to get the impediments out and get the tradies (tradespeople) in and get building\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia&#8217;s housing shortage is driving prices higher and locking out first-time homeowners and migrants needed to fill skills shortages across the country, according to the CEOs of Australia&#8217;s three largest banks.<\/p>\n","protected":false},"author":3,"featured_media":6351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[328,1902,611,4039,1384,2542,3,898,2403,4476,250,3330,415,2943,2294,899,1401,148,1259,3331,1033,943,618,18],"class_list":["post-6350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-australia","tag-bank","tag-banks","tag-building","tag-commonwealth","tag-conference","tag-cyprus","tag-debt","tag-driving","tag-first-time-homeowners","tag-google","tag-google-news","tag-government","tag-housing-shortage","tag-income","tag-interest","tag-interest-rates","tag-local","tag-migrants","tag-news","tag-prices","tag-sydney","tag-top","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - 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