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By Robert Carry

The opposition has slammed Australia's rate of housing affordability describing it as a "major and significant national problem".

Speaking at the Australia-Israel Chamber of Commerce business lunch, Malcom Turnbull described housing affordability and supply as a form of "market failure". He continued, "I have very real concerns about housing affordability and it being too expensive for people to buy homes," he said.

According to The Australian Financial Review, Turnbull said that public transport was seriously lacking in certain suburbs. "There are large parts of Sydney where there is little or no public transport. As we all know the key thing with real estate is location, location location but locat9ion is a function of relative distance and it's measured in minutes, not kilometres," he said.

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