Liberal MPs have urged the party to embrace renters as the “new forgotten people”, with one warning a failure to appeal to the growing cohort “will make us unelectable for decades to come”.
Both Millennials, Cross, 39, and Rath, 34, said the party needed to become not just the “party of homeownership and aspiring homeowners” but of renters, too. The imperative to find a solution was not just “one of political necessity; it is a matter of necessity for our country’s future”, the pair said., the MPs opened up a debate on whether an alternative policy could lower the cost of entry for younger generations, instead calling for bonds to be replaced by a simple insurance scheme.
The MPs said startups had already devised an insurance product, but current legislation made it illegal to offer. As recently elected parliamentarians, “we know that the business-as-usual approach will not change Sydney’s affordability crisis”, Cross and Rath said.They also called for allowing first homebuyers to use their superannuation, and choose from upfront stamp duty or paying yearly land tax.
Rath said: “For the Liberal Party to return to government, we must once again appeal to the forgotten people. Ignoring them will make us unelectable for decades to come.”
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