NSW minimum wage workers are the worst off in the country when it comes to entering the property market. 

Figures released by the ACTU today show a full-time minimum wage worker earning an average annual income of $33,418 would have to pay a staggering 81 per cent of their wage on mortgage repayments based on the average dwelling price of $677,550. And that’s if they even qualify for a home loan at all.

Unions NSW Secretary Mark Lennon said while the situation is dire right across the country it is even worse for NSW where the price of a free standing house in Sydney hit a whopping $1 million last year, while the mean price across NSW is $702,500.

“Ensuring that working people have access to affordable housing is a core issue for Unions NSW. House prices in our state, especially in Sydney have increased significantly faster than wage increases over the last ten years. A lack of affordability creates stress for our members and means many families have to commute long hours between home and work.

Unions NSW supports the ACTU submission to the FWC for a $27 a week increase for the nation’s lowest paid workers.

“Australia’s minimum wage hasn’t kept pace with the cost of living, making it harder for the nation’s lowest paid 1.5 million workers to survive. We now have a generation of the working poor, where people who are working aren’t earning enough to meet their basic needs like food, clothing and shelter,” Mr Lennon said.

“These figures emphasise not only the need to raise the minimum wage to a living wage, but also the need for governments at both a state and federal level to do more on affordable housing.

“Only yesterday it was reported the Baird government will reap more than $1 billion in stamp duty from Sydney’s booming property market. This money should be re-invested into affordable housing for those who, no matter how hard they work, will probably never be able to own their own home.”

Add your comment