Teachers Mutual Bank has released details of a landmark report they have co-commissioned from the University of Sydney, entitled “Key Worker Housing Affordability in Sydney”.
This report is the first of its kind in Australia, providing detailed analysis of declining levels of housing affordability across greater and metropolitan Sydney for key workers – the people we all depend on. This includes teachers, firefighters, nurses, police, ambulance drivers and paramedics.
The study was undertaken by the University of Sydney’s Urban Housing Lab led by Professor Nicole Gurran and Professor Peter Phibbs. Using Australian Bureau of Statistics data, the first part of the report is a comprehensive analysis of:
- the cost of homes in Sydney relative to key worker wages
- the resulting migration of key workers out of Sydney suburbs to the edge of the Greater Metropolitan Region,
- the effect housing affordability has on commuting
- other economic and social implications.
The second part of the Report identifies solutions that can potentially be implemented to help key workers buy their own homes closer to their place of work, and to their established support networks including family, friends, and their community.
‘Key Worker Housing Affordability in Sydney’ shows that without prompt and genuine intervention on the part of policymakers and other institutions, a growing number of key workers in Sydney will not be able to afford to own their own home within reasonable distance of the metropolitan area. The effects of that will be felt by each and every one of us.
Teachers Mutual Bank co-commissioned this study as part of their corporate social responsibility work, because they are strongly committed to servicing and supporting key workers through two of their brands, Teachers Mutual Bank and Firefighters Mutual Bank. They understand the challenges they face, and want to bring these challenges to the attention of policy makers and the wider community.