‘Siren’: Experts demand action on old Aussie rental crisis

Employment pressure on Australians over 75 has increased by 116 per cent since 2013, with experts warning 55,000 older people could face homelessness without urgent changes.

A new release from the Property Council of Australia reveals employment stress for over-75s is rising at a rate that is almost twice the rate of population growth.

Data from the Australian Institute of Health and Welfare (AIHW) reveals the pressure to hire among the over-75s has increased by 116 per cent since 2013, outstripping this group’s increase of 59 per cent over the same period.

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The information prompts the Retirement Living Council (RLC) to renew its call for urgent reform of Commonwealth Rent Assistance (CRA).

“This is not a red flag – it’s a warning, and even with the CRA, 55,000 older Australians remain under rental pressure, while without it, that number would triple to 180,000,” RLC Executive Director Daniel Gannon said.

“This data reveals an ongoing crisis in Australian cities, where rental pressures and housing shortages collide with the growing challenge of caring for older Australians.”

The AIHW also revealed CRA use among people aged 65+ has jumped by 70 per cent over the same period, confirming that older Australians are now the fastest growing group relying on the homelessness prevention system.

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RLC urges the Federal Government to revise the CRA settings to address this.

“This is not a tweak-around-the-edges problem,” Mr Gannon said.

“Rental assistance is broken, outdated and miles behind, and every delay pushes older Australians into homelessness.”

Mr Gannon said it was clear that the pressure to rent was increasing year by year and the way the CRA was structured was not providing targeted assistance where it was most needed.

“Without meaningful change, older Australians will continue to fall through the cracks as rental assistance, care needs grow, and housing shortages.” he said.

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The AIHW also revealed the use of CRA among people aged 65+ has fallen by 70 per cent

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“This is no longer a problem that can be solved – it is a national housing and care challenge that calls for urgent action to prevent many older Australians from becoming homeless.

“Most at risk are older women who are the fastest growing group of homeless people in Australia.”

This comes at the same time as growing pressure for reliable downsizing alternatives to honor retirees’ preferences with National Seniors Australia identifying stamp duty, agent costs and transport costs as major hurdles with transaction costs often destroying significant financial gains from selling downsizers.

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