The summit group’s priority is to work with the Federal Government to introduce a national rental incentive scheme. The scheme would encourage investment in the construction of thousands of new homes and units available for affordable rental.

ME’s Head of Corporate Responsibility, Tony Beck said that affordable and accessible housing was essential for social justice and community cohesion.

“Affordable rental properties are particularly essential for those on lower incomes and those struggling to save for their first home deposit”, Mr Beck said.

Access to affordable housing is an issue of increasing public concern. Economists define ‘affordable housing’ as being a reasonable proportion of disposable income allocated to housing costs, allowing sufficient income to meet other basic needs.

Households paying more than 30% of gross income on housing costs, in either rent or mortgage repayments are said to be in housing stress.

The Organisation for Economic Co-operation and Development (OECD) has found that Australian capital cities are among the least affordable places to live in the world. The average housing repayment to income ratio for first home mortgages has increased from 17.9% in 1996 to 30.7% this year while the Housing Industry Association Affordability Index has fallen 40% since 1996.

Housing stress is particularly evident in low to moderate income households. There are about 750,000 lower income households suffering housing stress - most are private renters.

Compounding the housing affordability crisis has been a significant reduction in public housing over recent years.

For more information about ME’s involvement in the National Affordable Housing Summit, please contact  1300 309 374 or visit membersequitybank.com.au