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The decline of a homeowning society? Asset-based welfare, retirement and intergenerational equity in Australia

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  • Adam Stebbing
  • Ben Spies-Butcher

Abstract

Researchers have increasingly recognised a link between homeownership levels and retirement policy, particularly in English-speaking welfare states. Housing is central to asset-based welfare policies, which may enable households to efficiently manage life course risks, but may exacerbate wealth inequality and expose them to market volatility. Australia presents an important case for understanding the dynamics of asset-based welfare, with its retirement approach combining high homeownership rates and a limited public pension. This paper investigates emerging generational differences in homeownership in Australia. Recent research has identified declining homeownership amongst younger cohorts. Using cross-sectional data, we explore alternative theoretical explanations for this trend. We find no evidence that declining homeownership reflects changing investment choices or delayed family formation. Instead, recent trends are consistent with intensifying inequalities based on class and care responsibilities. This casts doubt on the viability of Australia as a homeownership society and asset-based retirement policies in a financialised economy.

Suggested Citation

  • Adam Stebbing & Ben Spies-Butcher, 2016. "The decline of a homeowning society? Asset-based welfare, retirement and intergenerational equity in Australia," Housing Studies, Taylor & Francis Journals, vol. 31(2), pages 190-207, March.
    • Handle: RePEc:taf:chosxx:v:31:y:2016:i:2:p:190-207
    DOI: 10.1080/02673037.2015.1070797
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    References listed on IDEAS

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    1. Marion Kohler & Anthony Rossiter, 2005. "Property Owners in Australia: A Snapshot," RBA Research Discussion Papers rdp2005-03, Reserve Bank of Australia.
    2. Ralph Lattimore & Clinton Pobke, 2008. "Recent Trends in Australian Fertility," Staff Working Papers 0806, Productivity Commission, Government of Australia.
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    2. eccleston, richard & Verdouw, Julia & Flanagan, Kathleen & Warren, Neil & Duncan, Alan & Ong, Rachel & Whelan, Stephen & Atalay, Kadir & Hayward, Richard Donald, 2018. "Pathways to housing tax reform," SocArXiv 8xrbe, Center for Open Science.
    3. Chyi Lin Lee, 2017. "An examination of the risk-return relation in the Australian housing market," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 10(3), pages 431-449, June.
    4. Murray, Cameron & Ryan-Collins, Josh, 2020. "When homes earn more than jobs: the rentierization of the Australian housing market," OSF Preprints 8f67h, Center for Open Science.
    5. Tom Barnes, 2024. "Rethinking job loss in an age of assetisation: Lessons from the study of precarious older workers," Environment and Planning A, , vol. 56(3), pages 717-735, May.
    6. Troy, Laurence & Wolifson, Peta & Buckley, Amma & Buckle, Caitlin & Adkins, Lisa & Bryant, Gareth & Konings, Martijn, 2023. "Pathways to home ownership in an age of uncertainty," SocArXiv vstm4, Center for Open Science.

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