The Rudd government introduced the National Rental Affordability Scheme (NRAS) in 2009 purportedly to increase the supply of affordable housing. However, the Australian economy as a whole is dependent on housing prices remaining inflated to maintain land values and to finance the system of consumer debt. Housing prices sit at seven times the average annual wage. Consumers remain in debt as a lifestyle and the government props up the housing market with grants and tax breaks. Thus a significant minority of people are in continuous housing stress.
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