Two-Thirds of Retiring Renters in Australia Live in Poverty, Report Shows
A Grattan Institute report highlights the growing financial struggles of older Australians who rent, calling for significant increases to rent assistance to address the crisis.
- Two-thirds of retirees renting in the private market live below the poverty line, with single women disproportionately affected.
- Home ownership among the poorest Australians nearing retirement has fallen sharply, from 68% in 1981 to 54% in 2021.
- The federal government has increased rent assistance by 27% over the past two budgets, but it remains insufficient to cover rising rental costs.
- The report recommends boosting rent assistance by 50% for singles and 40% for couples, tied to rental price changes, to ensure affordability for the lowest-income retirees.
- Experts warn that without immediate action, the housing crisis will worsen for future generations of retirees as social housing availability continues to decline.
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