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AUSTRALIA is a nation that can no longer house its own children, shadow treasurer Chris Bowen warns today.
Soaring home prices were barring young Australians from a source of wealth and a major casualty of this could be start-up investment in innovation, Mr Bowen said in an address to the McKell Institute.
Overall home ownership in Australia was at a 60-year low with 42 per cent of those aged 25 to 34 in 2012 owning their home, compared to 62 per cent in 1982.
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PHOTO SOURCE: NEWS.COM.AU