Using ABS data, Parliamentary Library analysis has shown that the average renter has paid $106,550 per household over the past five years, or $240,3 billion in total rent paid from 2019-2023.
Meanwhile, over the past 10 years renters paid on average $209,908 per household in rent.
The average house deposit in Australia in 2023 is $159,000 according to SQM Research. In 2019 the average deposit was $90,000.
According to Domain, the median house price across Australia in September 2019 was $776,891. Since then, house prices have increased by 36.2%.
This data comes as the recent ABS CPI data shows rents increased by 7.6%, the fastest annual increase since 2009.
Quotes attributable to Max Chandler-Mather, Australian Greens spokesperson on housing and homelessness
“Renters in Australia are too often caught in a cruel trap, where they can’t afford to buy a house, but are left paying almost a housing deposit worth of rent every five years, putting the prospect of ever owning a home only further out of reach.
“The housing ‘market’ is rigged against renters. The cost of rent makes it impossible to save for a deposit. Banks won’t give you a mortgage without a deposit, even though as this data shows, renters are already paying almost a housing deposit worth of rent every five years.
In effect renters end up paying off someone else’s mortgage, while often copping massive rent increases that make it impossible to save for a house themselves.
Renters paid $240 billion of rent to property investors who this year alone will get another $39 billion in tax concessions from the federal government, this is so manifestly and deeply unfair.
With rents continuing to surge, all the Greens are asking for is a temporary freeze on rent increases to give renters a chance to catch a breath and maybe start to save a little money themselves.