Parties compete over housing stress

The Housing Industry Association has called on the Coalition to match Labor's housing affordability funding which now totals $1.1 billion. Treasurer Peter Costello said that the government is already spending $15 billion on public housing over the next five years, would open up housing funding to private developers, and had started a land audit to find new land for housing. In the meantime rents in Sydney are skyrocketing with an average two-bedroom unit now being let for $330 per week, up $30 over the last year.