RN BREAKFAST - MONDAY PANEL: HOUSING AFFORDABILITY

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Published by: ABC News  |  27 July, 2015

Despite falling interest rates, affordability in the housing market is getting worse, not better, as demand outstrips supply.

Last week the median price of a home in Sydney hit $1 million, and the cities of Brisbane and Melbourne have now joined Sydney on the list of the world's most expensive cities to live in, thanks in part to the rising cost of accommodation.

Federal Social Services Minister Scott Morrison says that the lack of affordable housing is at the centre of most social problems in Australia, and it's an area where Federation is failing.