The solution to the rental crisis is clear

Tuesday 10 February 2026

Leading independent economist Gerard Minack published the following chart illustrating the primary driver of Australia’s rental crisis: excessive population growth via immigration:

After Australia’s international border was reopened in late 2021, net overseas migration surged, with just under 1.5 million net migrants arriving between Q4 2021 and Q2 2025.

As a result, rental demand surged and advertised rents soared, driving up the cost of living for tenant households.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.