And May’s final point is on supply. And how it is not being targeted properly:

The problem we have in Australia is that we’re not building things that people can afford to buy. We’ve actually built a million new homes over the past ten years. And the problem with that, we’ve never actually had more homes per person than we have now. It’s not making housing more affordable because we don’t have the government in there building things and working with the private sector to build things that are actually affordable.

When you look around the world, at the countries that are doing this well, the countries that have either avoided their housing crisis altogether or managed to turn it around, they are countries where the government is actually not just leaving it to the private sector.

They are providing quite a bit of housing themselves. So we need to see proposals that go beyond just subsidising people to, to buy homes.

Just providing some incentives for the private sector to build and actually building things that are affordable, mandating them to be affordable, making sure there are things that people can afford to rent and to buy.