Number of Australians facing housig stress doubles

The number of Australians who couldn't pay their rent or mortgage on time has more than doubled due to COVID-19, new data from The Australian National University (ANU) shows. The survey of more than 3,200 people shows the proportion of Australians not being able to meet their regular housing costs jumped from 6.9 per cent in April to 15.1 per cent in May. Study co-author, Professor Matthew Gray, said the findings also paint a disturbing picture for renters and young adults when it came to housing stress. "Our findings show the level of housing stress is substantially higher for renters than mortgage holders," Professor Gray said. "What's also worrying is that young adults are experiencing very high rates of housing stress, with 44 per cent of people aged 18 to 24 years unable to pay their rent on time. "Young Australians are still more likely to be in housing stress once income and socioeconomic status is controlled for, suggesting that there is more to housing stress than just income for this group. This is because their accumulated savings and wealth are likely to be low." The survey also exam ined policies introduced by Australian governments and banks to protect renters and mortgage holders who are unable to make their payments.