Federal Treasurer Scott Morrison has highlighted his own grandparents' struggle of buying a home to show the pressure on the Sydney housing market has been around for generations.
“All they ever knew on my father's side was renting a house in Sydney, could never buy a house,” Mr Morrison said.
“They grew up [and] were around in the 40s, 50s and 30s in Australia. So it has been a long-term issue in Sydney.”
It’s expected housing affordability will be a focus of Mr Morrison’s second Budget, however, he insists the government will be addressing the whole spectrum of housing affordability, including the rental market, as well as social housing.
“If you don't have a roof over your head this you can rely on, every single other problem you have in life gets harder,” he said.
The Treasurer said the Budget will be about “making the right choices” to support the Australian economy.
“By ensuring we grow our economy, we are able to guarantee the services that Australians are relying on,” he said.
Mr Morrison reiterated his concerns about slow wages growth, but insisted higher pay rates can only be delivered if the economy grows and all businesses get a tax cut.
The government plans to introduce the second half of its business tax package when Parliament resumes next week.
“You can't get a pay rise in a business that's going backwards and it isn't making a profit,” Treasurer Morrison said.
