The Wire

The Australian Labor Party has announced a new plan in the hopes of alleviating the rising price of housing in Sydney and Melbourne. The plan will ban self-managed superannuation funds from borrowing money for the purpose of purchasing real estate while also increasing fees and penalties for foreign investors.

The plan has its critics, though, as Greens Senator, Lee Rhiannon says the plan falls short and panders to corporate interests, treating housing as a means for accruing wealth, rather than a fundamental human right. Senior Adviser of the NSW Council of Social Service, Peter Davidson agrees, saying the Labor party needs to keep the interest of low-income earners and those on social security payments in mind.