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The UNSW and ACOSS Poverty and Inequality Partnership (the Partnership) was proud to contribute to the annual UNSW Founders, Sustainable Development Goal (SDG) Challenge event 2024, focused on solving global challenges like sustainable urban development and social equity.

The UNSW and ACOSS Poverty and Inequality Partnership (the Partnership) is committed to sharpening the national focus on poverty and inequality in Australia through its collaborative partnership.

A recent report by the Partnership - ‘Inequality in Australia 2024,’ found that the wealth gap between people with the most and least in Australia continues to widen. Property ownership plays a significant role in perpetuating this wealth gap.

The report found that of the average $1.2 million in household wealth in 2022-23, 41% was acquired through owner-occupied housing and 13% through investment properties. Those not already on the property ladder are paying the price, in particular younger generations.

Access to safe, affordable and liveable housing is becoming more and more challenging to attain for Australians. Rent affordability has hit a 17-year low with supply continuing to be tight across the country. Buying a property is also challenging with low supply, high interest rates and house prices continuing to increase. Other barriers to entry include cost-of-living pressures, sticky inflation and a tight job market in some sectors.

This is a worrying development for the Partnership, as housing plays a key role in mitigating poverty, housing insecurity and impacts an individual’s overall economic wellbeing.

UNSW students are a particularly vulnerable cohort. The challenge of finding appropriate and affordable housing is most difficult for those coming from interstate or overseas, due to their lack of rental history in the locality.

This creates potential barriers to full participation in their academic and social pursuits, and ultimately puts them at increased risk of poverty.

Research by the Partnership demonstrates that public policy – specifically housing policy, as well as social security, taxation and employment policy – plays a significant role in determining the rate of poverty and inequality in Australia.

Initiatives like the annual UNSW Founders Sustainable Development Goal (SDG) Challenge 2024, provide an opportunity to shine a microscope on significant drivers of wealth inequality, and the policies behind them.

The Partnership was delighted to contribute to the event, which focused on reducing growing wealth inequality by tackling the issue of achieving sustainable urban housing for all.

Hosted by UNSW Founders at the Michael Crouch Innovation Centre on 21 May 2024, the event enabled the Partnership to hear from a broad range of UNSW students with diverse academic backgrounds, as they presented their solutions.

A number of UNSW teams contributed to making the event a success, with the Division of Societal Impact, Equity, and Engagement (SIEE) and the Pro-Vice Chancellor for Student Success (PVCSS) supporting through their sponsorship of the challenge.

The topic, focus area and collaborative nature of this event aligns with the goals of the Partnership, one of which is to develop solutions to stimulate action and tackle policy challenges that contribute to poverty and inequality over time.