Australian renters are spending a record proportion of their income on rent, with prices rising 5% in the past year and 44% over five years. Rental price growth is occurring at three times the rate of wage growth, driven by reduced investor activity as first home buyers enter the market and stagnant construction of new homes. Government commitments to build 40,000 social and affordable homes by 2029 have only achieved 2% completion after two years.

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