The Reserve Bank is predicting that 15 percent of home borrowers on variable rates will be struggling by the end of the year. But it’s not just homeowners that will be feeling the pain. An increase by up to 10 percent of renters is adding to the housing crisis. And with Philip Lowe pointing out that rents are the single largest contributor to the Consumer Price Index, it’s not the ideal version of a circular economy. Jennifer Hewett, National Affairs columnist at the AFR debates with Michael McLaren how record high immigration but record low construction is adding to the housing crisis.

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