The chief executive of the country’s largest retirement savings fund says the lack of affordable housing is behind stagnating productivity, urging governments to allow more development to boost living standards.
While a family could, on average, buy a home for two times their income in the 1970s, AustralianSuper chief executive Paul Schroder said a house now costs about six times a family’s income or even up to nine times in Sydney.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com