Richardson Slams NIMBYs Over Housing Crisis

Australia's housing crisis has been exacerbated by residents opposing new developments in their neighborhoods, according to economist Chris Richardson. He says that the solution lies in telling NIMBYs (residents who say 'Not In My Back Yard') to 'suck it up'. The fact that interest rates and house prices have increased over the past four years indicates a supply issue, Richardson argues.

Since May 2022, there have been 16 interest rate hikes by the Reserve Bank of Australia (RBA), with the official cash rate rising from 0.35 per cent to 4.35 per cent. The total value of dwellings in Australia has increased from $10.9 trillion in March 2022 to $12.7 trillion in March 2026, while the nation's mean property price has gone up from $930,000 to $1.1 million over the same period.

Richardson believes that the Albanese Government needs to 'bully' state governments and councils into approving more developments. He argues that residents opposing new local housing, infrastructure, or commercial projects are the cause of the nation's property woes.