Australia spends $12.3 billion in tax breaks for property investors in 2025. This is more than the $9.6 billion spent on social housing, homelessness, and rent assistance combined, says the Australian Council of Social Service (Acoss). Social housing now makes up just 3.6% of homes, down from 5.7% in the 1990s, based on new data from the Productivity Commission. This decline worsens the housing affordability crisis. Rent prices have surged, social housing waitlists have grown to about 190,000 households, and homelessness is rising. Jacqueline Phillips, acting chief executive of Acoss, said, "Housing stress and homelessness are getting worse while absurdly generous tax breaks drive up home prices and supercharge inequality in our society." She urged the government to cut tax perks like capital gains concessions and negative gearing. Phillips called for that money to be used to build more social housing. Only about 2% of new homes are social housing, down sharply from 15% in the 1970s. The share of people in greatest need — those homeless or at risk — on social housing waitlists rose from 26% to 41% in ten years. Meanwhile, median rents increased 43% over five years to $681 weekly. Renters now spend a record one-third of their income on housing, reports property firm Cotality. Persistent homelessness, defined as more than seven months without a home in two years, has grown from 22% in 2019 to 27% in 2025. Maiy Azize from Everybody’s Home said the housing crisis has become "accepted norm." She added, "Even people getting the most government support half of them are still in rental stress." Azize called for ending handouts to landlords and opening more community housing to ease the crisis.