Australia's population report reveals home prices up 400%, leaving younger generations locked out of housing
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Australian Treasurer Jim Chalmers released the first intergenerational population report in three years on September 21, stating that home prices in Australia have risen by 400% since 1999, growing more than twice as fast as average incomes. As a result, home ownership among younger generations has fallen sharply, with the ownership rate among those aged 25 to 34 dropping by 17 percentage points over the 40 years to 2021. The report projects the fertility rate will fall from 1.44 children per woman to 1.34 by 2066, while the population will grow from 28 million in 2026 to 39.3 million in 2066, and the share of the population aged 65 and over will rise from 17.8% to 24.8%. Presenting the report, Chalmers said artificial intelligence technology represents the biggest change since the previous report in 2023 and is "the biggest economic transition in our lifetimes."