Renters in NSW dealt fresh blow after the Reserve Bank announces another interest rate rise

Media release

2 May 2023

Families renting in NSW have been dealt a fresh blow after the Reserve Bank announced another interest rate rise, said the Community Housing Industry Association NSW (CHIA NSW).

“Today’s interest rate rise is more bad news for families renting in NSW who are already in the midst of a housing crisis,” said Mark Degotardi, CEO of CHIA NSW and spokesperson for the Confront the Crisis campaign.

“Landlords are passing these rises onto renters, and record-low vacancy rates in our state mean that there’s just nowhere for families to go if they can’t afford the increased cost of their rent,” said Mr Degotardi.

CHIA NSW has urged the newly elected Labor Government to commit to making a substantial investment to increase the supply of social and affordable housing to address the escalating housing crisis.

“The social housing waitlist in NSW has increased to almost 58,000 families and individuals.  That’s a 15 per cent increase from the previous year,” said Mr Degotardi.

“Unless the newly elected Labor Government urgently invests in more social and affordable housing, this number will continue to grow,

“The NSW Government can’t prevent further interest rate rises, but they can alleviate some of the pressure families in housing crisis are facing by building more social and affordable homes,” said Mr Degotardi.

“This is a housing emergency. The new Labor Government must act with the urgency this crisis deserves,” said Mr Degotardi.

Media contact: Kayla Foster, 0447 040 029