John Howard (Bennelong, Liberal Party, Prime Minister) Share this | Hansard source

Fifteen years ago interest rates in this country were double what they are now, yet housing was more affordable. That, as a matter of logic, must mean that there are reasons other than interest rates why housing is now not affordable for young Australians. The reason is that the cost of land has gone up astronomically because state governments will not release enough land for young homebuyers. That is the reason.

See this speech in context