DATA & FIGURES
25 years of price growth has far outpaced wages, according to government data, leaving many behind. The Westpac-Melbourne Institute has found that Australians are now experiencing 'deep pessimism', with interest rate hikes also weighing on prospective buyers and mortgage holders. The OECD has found that 'real hourly wages in Australia' are falling, which means that living costs are rising faster than a typical paycheck.
THE SCENARIO
The global economic situation is uneasy, given the fallout from the Iran war, and any future impact of oil supply disruptions on inflation. Australia's housing market is also facing a crisis, with decades of chronic undersupply and investor-centric tax settings helping supercharge prices, leaving many behind.
DIRECT QUOTE
"Economic policy and housing are not really territories that One Nation is usually comfortable on. This kind of link between immigration and housing allows them to address issues that are very front of mind to people, like the economy, but address it from their preferred terrain." — Jordan McSwiney, Research Fellow, University of Canberra
BBN INSIGHT
The Positive Side: One Nation's surge in popularity may lead to a more diverse range of voices in Australian politics, potentially leading to more innovative solutions to the country's economic problems. The Negative Side: The party's anti-immigration stance may lead to increased tensions and divisions within Australian society, potentially harming the country's social cohesion and economic growth. Additionally, the party's lack of a comprehensive economic plan may lead to further instability and uncertainty in the market.