The question is no longer whether housing is affordable; it is whether Australia’s housing system supports the nation’s strategic objectives. The 2023 Defence Strategic Review, Australia’s ambitions in critical minerals and northern Australia’s policy agenda all depend on one fundamental enabler: people. That finding should prompt Canberra to reassess whether Australia’s housing tax settings are aligned with its broader strategic objectives. While many policy changes have delivered benefits at the margins, the incentives underpinning Australia’s housing system have remained largely unchanged. It should use housing tax reform to better align Australia’s housing system with its strategic objectives, strengthening home ownership, workforce mobility, regional development and national capability.