Home Mortgage News Minimum wage workers need 80% of income to afford homes

Minimum wage workers need 80% of income to afford homes

Published on 05 May, 2015

The Australian Council of Trade Unions claims a minimum wage worker who earns $33,000 would need to spend 81% of their earnings to afford a mortgage in Australia’s capital cities.

The Australian Council of Trade Unions claims a minimum wage worker who earns $33,000 would need to spend 81% of their earnings to afford a mortgage in Australia’s capital cities.

The average dwelling prices across cities is $677,550, which leads low-income earners to be shut out of the housing market, Yahoo! News reported.

As a result, the union has lodged a submission to the Fair Work Commission's annual wage review seeking a $27 a week boost in the minimum wage.

"The only way they can afford to buy a home is to work multiple jobs but if all these jobs are low income then it still remains extremely tough," ACTU secretary Dave Oliver was quoted as saying.

Collections: Mortgage News

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