Last year, the federal government struck a Housing Accord with the states. Together, they committed to build 1 million new, well-located homes across Australia over the next five years.

But sky-rocketing rents have turned up the heat on governments to do much more. Last month, National Cabinet responded. The new target is 1.2 million homes over five years, with the federal government offering financial rewards to whichever states do the most to get us towards the new target. And the Prime Minister and the Premiers also promised a better deal for renters.

Will it be enough? In this special Grattan Podcast, our housing experts Brendan Coates and Joey Moloney unpack the National Cabinet package, explain why it’s important, and identify the next challenges for policy-makers as they struggle to make housing more affordable for more Australians.