The Grattan Institute released a report finding that two in three retirees who live in the private rental market live in poverty. With the decline in home ownership in Australia, this figure is expected to increase.
Many older working Australians in the rental market have insufficient funds to continue paying rent when they stop working. Without enough social housing to meet the current demand, many retirees will be left with nowhere to go.
The report recommends that
- The maximum rate of Commonwealth Rent Assistance should be increased by 50% for singles and sharers, and 40% for couples.
- Commonwealth Rent Assistance should be indexed to changes in rents for the cheapest 25% of rental homes in capital cities.
Access the report here: Renting in Retirement: Why rent assistance needs to rise
