Politicians urged to tackle housing crisis for older renters as Federal Election draws near

As the Federal Election draws near, political parties are being urged to increase the Commonwealth Rent Assistance Scheme to help Australians, particularly older Australians on fixed incomes, secure stable housing.

The call comes after a new report uncovered an alarming trend: a rising number of older Australians are at risk of homelessness, with retiree renters being left behind in an increasingly fragile housing market. And according to the Grattan Institute, the situation is set to get worse.

The research paints a grim picture, with two in three retirees who rent in the private market living in poverty and half of older renters with less than $25,000 in savings.

With minimal savings, many older renters are faced with an uncertain future, one in which they may no longer be able to afford rising rental prices during their retirement.

The situation is particularly dire for the poorest 40 per cent of renting households between the ages of 55 and 64 who have less than $40,000 in net financial wealth.

After the government made no increases to rent assistance or JobSeeker in this year’s Budget, advocates are understandably concerned.

Patricia Sparrow, Chief Executive of Council On The Ageing (COTA), warns that failing to address the housing crisis puts more Australians, particularly older adults, at risk.

“Over one in five older Australians are renting, and for those renting on a fixed income like the pension, the soaring cost of rent is pushing them into poverty,” Sparrow said.

“Older women are the largest growing group at risk of homelessness. The issues around housing affordability impact people of all ages, but our older women are bearing much of the brunt of it.”

While the Federal Government raised the maximum rate of Commonwealth Rent Assistance by 27 per cent in the past two budgets, renters saw no relief in this year’s budget. Sparrow, therefore, is calling on political parties to outline how they will address the housing affordability crisis in the lead-up to election day.

“Australians of all ages will be looking to our political parties to outline how they’ll deal with our huge housing affordability issues in the lead up to the election day,” she said.

“Reviewing the role of Government demand-side supports, such as the design and eligibility of Rent Assistance is critical and should be implemented to ensure stable government housing supports for generations renting today and those to come.”

With the election just weeks away, older Australians now face a tough decision on which party will best address their housing challenges after Prime Minister Anthony Albanese’s announcement that the Federal Election will be held on May 3.

Albanese will be aiming to secure back-to-back victories, hoping to become the first prime minister since John Howard to win consecutive elections. Meanwhile, Peter Dutton will be striving to lead the coalition back to power after just one term in opposition, with hopes of becoming Australia’s 32nd prime minister.

While it’s still early days, polls are predicting a tight contest between the major parties.