Australia’s rental market is facing intensifying pressure, as shown by newly released data indicating rents are rising and home prices stabilizing. In the March quarter, advertised rents increased by 2.5% due to high demand and low vacancy rates. Data also revealed that home prices had risen by 0.6% in March, which was the first increase in 11 months after the Reserve Bank of Australia increased interest rates. This rise may make it difficult for renters to transition to purchasing affordable properties, although independent economists have warned that it is still too early to declare an end to the housing downturn. Population growth is surging as a result of a post-pandemic migration increase, resulting in a shortage of available homes. Cutting migration is not the solution, and all levels of government must cooperate to maintain a balance between supply and demand. The Australian Federal Government controls funding for public and community housing, while state and local governments regulate the levers for boosting supply. The Albanese government’s housing reform package aims to establish a housing future fund to support affordable and social housing. Crossbenchers, however, are pushing for more ambitious legislation to address Australia’s housing plight.