Older Australians should downsize from their empty family homes so that younger families can afford suitable housing, the nation's Treasurer Scott Morrison said on Thursday.
In an attempt to alleviate the nation's housing affordability crisis, Morrison has urged "empty-nesters" - or parents whose children have moved out, leaving houses with many bedrooms largely empty - to consider downsizing to homes with fewer bedrooms so that younger families can afford larger homes.
Morrison said the government had already approved new measures to encourage older Australians and retirees to downsize from their family homes; those who choose to downsize will be able to funnel up to 300,000 Australian dollars (238,000 U.S. dollars) from the sale into their superannuation as a tax-free contribution.
"This will benefit retirees who sell their home and move into retirement villages, a smaller home, or in with their children and help free up larger homes for younger families," Morrison told Fairfax Media.
Australia's housing affordability crisis has hit major cities Melbourne and Sydney particularly hard, and has been the subject of vigorous debate for years in the parliament.