The housing affordability crisis in Australia is so severe that even fly-in, fly-out miners, with an average salary of $165,069, can only afford the typical $1 million home with a backyard. This stark reality highlights the stark disparity between the average worker's income and the cost of housing. While surgeons and cabinet ministers earn substantial salaries, their numbers are too small to significantly impact the broader housing market. In contrast, mining workers, with their average salary, are the only group capable of purchasing a middle-priced house without relying on government schemes or family support. The situation is particularly challenging for those without access to the 'Bank of Mum and Dad', as even real estate agents acknowledge the worsening affordability crisis. The crisis has reached a point where the average full-time salary of $106,657 can only purchase a modest apartment in Melbourne or Adelaide, or a house in a distant, outer suburb. This is a far cry from the reality of three decades ago when a similar salary could buy a median-priced house in Sydney. The surge in house prices, accelerated by the 50% capital gains tax discount and doubled immigration levels during the 2000s mining boom, has left young couples struggling to afford a house with a backyard in cities where their careers are. This has led to a record-low fertility rate of 1.5 children per woman. The question remains: what will it take to address this crisis and make housing affordable for all Australians?
