Published: 9:01am, 10 Feb 2025Updated: 9:03am, 10 Feb 2025
A growing number of retirees in Australia risk falling into homelessness because they cannot afford to pay rent, according to a new report aimed at lawmakers preparing to fight an election on housing and cost-of-living pressures.
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The rising cost of rent, falling rates of home ownership and inadequate rental assistance has pushed two-thirds of retirees who privately rent into poverty, according to the Grattan Institute report.
Half of retired people who rent have less than A$25,000 (US$15,700) in their savings, it showed.
“Most older working Australians who rent do not have sufficient savings to keep paying rent in retirement,” the report said. “This problem is set to get worse.”
Higher interest rates, a dire shortage of new homes and booming population growth post-pandemic have worsened a housing crisis throughout Australia.
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