Amid growing concerns about housing affordability, the government recently announced it would take on one of its biggest economic challenges—putting housing within the reach of more young adults and first-home buyers.

The nation’s treasurer, Scott Morrison, promised that the next meeting of state and federal treasurers this December will focus on doing away with planning rules that halt or delay new housing development. The government also plans to work with state and municipal councils to release more land for housing.

In an upcoming address at the Urban Development Institute of Australia (UDIA), Morrison will also dismiss the notion that cheap credit is causing an investor-driven housing bubble. He will, however, acknowledge that rising prices are making it increasingly difficult for first-home buyers to save for a deposit and get on the housing ladder.

"Housing affordability is...not just a problem for prospective home buyers. As younger people and families are delayed or frustrated in purchasing their first home, this is placing pressure on the private rental market and, in turn, concessional or affordable housing accommodation and ultimately social housing,” Morrison will say at the address, according to an advance copy of the speech seen by Fairfax Media.

"State governments cannot do much about the physical geography occupied by our cities, [but] they could do a great deal to improve planning processes and the provision of infrastructure."

Exorbitant prices, particularly in capital cities like Melbourne and Sydney, means it would take an average dual-income couple nearly eight years to save a deposit for a home (assuming prices don’t continue to rise).

While the biggest stumbling block many people face is saving the 20% deposit (which is the amount stipulated by most lenders to avoid mortgage insurance), once people do secure a home, they often struggle with repayments.