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The impact on young Australians who are interested in buying a home of their own has been very significant. Australian housing affordability now shapes the typical housing cycle or housing career as some people call it. Most young Australians in the normal course of events people who move through the housing cycle in a way that matches the stages of life that they’re at, so they move out of the family home in their late teens or early 20s as they gain independence from their families, then they rent and save for a home they can afford either in their own or as part of a couple or a group, they buy a new home they can afford and maybe upgrade when they have a family in their middle age they are more than likely to have paid off their mortgage, and that means that they have housing security in their old age. That’s no longer the typical housing cycle for Australians, young people generally live at how much longer than they once did they generally rent for longer and they’re more likely to be saddled with a mortgagee not just in their middle age but more often than not in retirement as well. In fact, in 2006 nearly 65,000 retiree households were still paying off the mortgage. Affordable rent is also elusive right around Australia we have very low rental vacancy rates, we see high turnover as landlords want to maximize their profits in a tight market, and we see less long-term or lifelong rental, as we see in other countries and other economies.