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One of the many side effects of the extraordinary run-up in property prices over the past 20 years or so is that many retirees are “asset rich but income poor”. That is, they may be living in million-dollar homes, but there’s not a lot of income coming in.
Housing wealth of the over-60s is estimated to be worth some A$3 trillion – trillion, with a T. If there was a secure, reliable way to tap into that wealth without selling the family home, older Australians could enjoy a more comfortable retirement.
As Katja Hanewald writes, there is indeed a little known government scheme to access that home equity.
And with an interest rate of just 3.95%, it’s not only below the Reserve Bank cash rate, it’s also around half the rate of commercial reverse mortgages. The surprise is how few Australians have taken advantage of it.
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Victoria Thieberger
Business and Economics Editor
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Katja Hanewald, UNSW Sydney
Open to Australians aged 67 or older, the scheme has an interest rate of just 3.95% – which hasn’t changed in more than three years.
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Robert Breunig, Crawford School of Public Policy, Australian National University
The shift towards universal policies may seem fair, but it’s creating a system that gives to the wealthy at the expense of the poor.
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Paris Hadfield, Monash University
Council staff said human resources and time are essential, with one noting: ‘We have to go through a fair amount of information to explain how solar works.’
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Tom Fairman, The University of Melbourne; Trent Penman, The University of Melbourne
One of the most widespread types of forest in Australia’s high country is facing an existential threat. We need bold action before it is too late.
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Daryl Efron, The University of Melbourne; Kaitlyn Taylor, Murdoch Children's Research Institute
Parents want to see if medicinal cannabis can help their child’s behavioural or emotional problems. But the evidence isn’t in and there are potential safety concerns.
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Kate Cantrell, University of Southern Queensland
Former child star Jennette McCurdy’s gross, gripping debut novel shows there is no single, correct way to engage with stories about female desire and power.
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Alexander Howard, University of Sydney
All The President’s Men is a masterpiece of political cinema. Watching it 50 years on, it feels less historically distant than it does disturbingly prescient.
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Business + Economy
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Andrew Lensen, Te Herenga Waka — Victoria University of Wellington; Ethan Plaut, University of Auckland, Waipapa Taumata Rau; Michael S. Daubs, University of Otago; Stephen Hill, Te Kunenga ki Pūrehuroa – Massey University
Kiwis are using artificial intelligence in growing numbers, but trust is low. Could the push toward safer, more responsible AI offer NZ an economic opportunity?
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Science + Technology
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Anna-Sophie Jürgens, Australian National University; Shao-Jie Jhou, Australian National University
We all know science influences books, movies and TV – but the influence goes both ways.
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