A recurring, and worrying, theme in Australian newspapers has been the pricing out of people from the "Australian Dream". For the first time, young Australians face living standards that were lower than their parents.
We have it amazingly good here, but we sure pay for it. By some estimates, Australia is now the most expensive country in the world to live in. Sydney also leads the country in housing undersupply.
I left a comment on the latest article on the subject on the Sydney Morning Herald:
Rent is also putting pressure on living standards. I pay most of my income in rent, as do most people I know in their 20s. With that gone each month, exorbitant public transport costs, and a decent chunk into savings and super (we try to be fiscally responsible), there's scant extra to spend on other things. To say nothing of HECS, food prices, etc.
Without getting political, what we need is 1) serious public transport investment 2) broadband infrastructure that would allow people to work remotely rather than in CBDs 3) a greater housing supply for more rentals, and/or affordable buying so we're paying our own mortgage instead. Maybe a few nets to catch pigs flying too, while we're at it.
I'm Australian but grew up in Singapore, which until recently I thought had a ridiculous property market. An apartment there now looks like its within closer reach. Aiyo!
Point 2) was entirely the fault of our current conservative government, but as far as I'm concerned our centre-left Labor party have lacked the courage to tackle this as well.