The Albanese government’s housing policies have been sold as the great Australian dream made accessible. For years, governments of all persuasions have built housing policy on the assumption that Australian property values only move in one direction. Australians have heard ambitious targets and billion-dollar announcements, yet buyers continue to compete for scarce housing while prices remain elevated and renters face record costs. Real affordability comes from increasing supply, improving productivity, and allowing the market to deliver more homes where Australians want to live. It does not come from encouraging families to enter the market with minimal equity and hoping prices never fall.