Australia's housing affordability crisis is worsening due to rising interest rates and a lack of available properties.

Wealthier buyers, benefiting from generational wealth transfers, are able to enter the market, widening the economic gap.

The slow response of the housing industry to increased demand has led to rising prices and property shortages, with new home completion times worsening.

Challenges like planning and zoning restrictions, delays in development approvals, and building labor shortages are hindering housing construction.

Young economists are exploring the idea of taxing wealth instead of income or consumption to address the housing crisis.

The government is investing $32 billion to build 1.2 million new homes to help alleviate the crisis.

Despite these efforts, many Australians are giving up on homeownership and turning to renting or hoping for inheritance.