Explore the latest developments concerning Housing Minister Clare.
Housing Minister Clare O’Neil is ‘change agent’ of falling house prices
The housing minister is on a journey to answer whether the government should be claiming credit for the property market downturn
The dashboard for the country’s housing and property market lit up in red (again) over the last week. On Sunday, auction clearance rates were below 50 per cent for the seventh straight week.
Commonwealth Bank chief executive Matt Comyn revealed mortgage arrears were at their highest levels in more than a decade this week. Then came data that new mortgage issuances recorded their largest quarterly fall since the Australian Bureau of Statistics started counting 24 years ago.
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Clare O’Neil on housing: ‘We are the change agents’
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The minister rejects claims that Labor’s tax reforms are damaging the economy, citing the ‘bleedingly obvious’ impact of interest rate hikes and pledging to make housing central to the next election.
As the decline in home prices makes increasingly shrill headlines around the country, Clare O’Neil has begun to do what the government long seemed at pains to avoid: she is owning Labor’s progress in cooling the market.
What the housing minister rejects is the hyperbole around how much the reforms to negative gearing and capital gains announced in the May budget have contributed to the steepest downturn in 40 years.
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