CANBERRA: Australia is the world’s 10th most socially advanced nation but a lack of affordable housing is holding it back, a survey shows. However, while Australia scores well on personal rights – such as freedom of speech, freedom of movement and political rights – it is falling well behind in housing affordability.
The study comes as spiralling real estate prices in Sydney fuel fears about a potentially dangerous housing bubble, especially if the Reserve Bank cuts interest rates again in the coming months.The report also underscores that the end of the resources boom, illustrated by the falling iron ore price, has the potential to damage the living standards of Australians.
The Social Progress Index, which is published by the US not-for-profit group Social Progress Imperative, ranks Norway as the world’s most socially advanced nation.Norway is followed by Sweden, Switzerland, Iceland, New Zealand and Canada.
At number ten, Australia is in the middle of the rankings focussed on 20 advanced economies, but it is ahead of bigger economies such as Britain, Germany, Japan and the US.
