Paul Schroder

I'm worried about productivity, where growth has stalled.

I'm worried about inequality.

which really goes to the sustainability of the whole society.

And I'm worried about housing, which you've written about this deeply, but it's actually, it's really fraught.

Aha, wow.

And demand comes from a number of things, right?

So demand comes from...

population growth, which is a function of birth rates plus immigration, but it also comes from household size and the changing nature of household size.

There's some really important stats about housing that I think are so compelling that every human being in Australia and every policymaker should pay really deep attention to.

The supply side is that in the 1990s,

there were 0.75 dwellings completed, 0.75 dwellings completed for every new person, no matter how they became to be a new person, whether it's immigration or birth or anything else.

It's now less than 0.4.

So we are not building anywhere near enough completed dwellings per new person.

So you can, as you say, you can influence that from both ends.

You can think about that from both ends.

The net result is in the 70s, it used to cost you twice your household income to buy a house.

In the late 90s, it was three times.

And not so long ago, it was six and a half.

And if you're in Sydney, it's nine, nine and a half times.

So