Finance guru sparks outrage with housing crisis suggestion

A population expert has taken aim at a new suggestion during the cost of living crisis, claiming it gives “oversimplified” advice to renters.

A top Australian demographer has delivered a scathing rebuke to a retired financial adviser’s take on the ongoing housing crisis and “oversimplified” advice to renters.

Australian National University demographer Liz Allen did not mince words responding to the latest column from Aussie finance guru Victoria Devine, written for the Nine newspapers.

In it, Ms Devine suggests the Australian middle class – “once synonymous with stability and prosperity” – was being pushed into “uncharted territory” and the foundational great Aussie dream of owning a home is “under threat”.

Aussie finance guru Victoria Devine caused a stir with her latest column. Picture: Supplied.

A top demographer took issue with the idea that home ownership is about “success”. Picture: NCA NewsWire/Joel Carrett

She suggested that, in these economically trying times, Aussies should “challenge the narrative that success is solely defined by homeownership or adherence to traditional milestones”. Instead, we should start looking at success holistically.

“Rather than adhering to antiquated benchmarks, our focus should shift towards holistic wellbeing, personal fulfilment and a sustainable work-life balance,” she wrote.

“The call is not to abandon your ambitions but to reassess and prioritise what truly matters in your individual, adopting a more realistic and adaptable approach to success.”

Bur Dr Allen told news.com.au that her suggestion showed that these experts had “no idea” about the realities of the housing crisis.

I’m sick to tears of hearing Australians being told to suck it up and deal with the realities of insecure housing. I won’t. We shouldn’t. Homeownership isn’t about success it’s about survival. Renting until I die is a wretched prospect for me and my kids. Check your privilege. pic.twitter.com/fa9ezf3gVF

— Dr Liz Allen (@DrDemography) November 19, 2023

Echoing the frustrations she unleashed on social media in response to the article, the demographer said she rejected the idea that home ownership was about success at all.

“Success is not home ownership, home ownership is survival,” Dr Allen said.

“The idea that people give up on this basic human right of security – and in the absence of any kind of major law reform when it comes to renting – and to suggest that we look to other notions of success is an oversimplification of reality.”

In her post to social media, the demographer wrote the prospect of “renting until I die” was a “wretched” one for her family, and called for Ms Devine to “check (her) privilege”.

“And I’m sick to death of hearing people without experiential knowledge, without lived experience telling others to suck it up,” Dr Allen continued.

“Until you’ve lived it, until you know what it’s like, don’t you dare to tell me to look upon something else.”

Dr Liz Allen, a demographer at ANU, rejected the suggestion for Aussies to look for ‘holistic’ success in favour of home ownership. Picture: Instagram

Despite disagreeing with Ms Devine’s suggestion for Aussies to look for ‘holistic’ success, Dr Allen did, however, agree with the financial adviser’s take that the middle class was disappearing.

“The middle class is slipping away,” she said.

“And the best way to describe it is that we’re seeing what was once the domain of those experiencing disadvantage is going mainstream.”

That is reflected in the fact dual-income households are now “unable to crack home ownership”, she said, or we expect that for Aussies to ever own a home that they might do it once they hit middle age. If at all.

The disappearing middle also looks like data showing that rental affordability has plummeted for almost all Australians.

Dr Allen said more Australians will be stuck renting well into their 50s. Picture: NCA NewsWire / Jeremy Piper

Dr Allen said there was a need for rental reform and a nationally consistent approach to renters rights – “a scale of justice, if you like” – but the article demonstrated how those in positions of power “lack lived experience” with the realities of the rental crisis.

“This person is a retired finance adviser telling us how to be successful in other ways that doesn’t include having a home to live in,” she said.

“I’m sorry, but being successful and living in a tent? Hello?!”

“There is no love for people in these situations, because policy makers in suits don’t have to think about it for themselves,” Dr Allen continued.

“Just because you don’t call it a crisis doesn’t make is cease to be. It is one. Call it what it is. And do something about it.

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