One of the main reasons why the anti-establishment movement is gaining considerable momentum in our politics is that key policy issues have been ignored and just left to drift, some now reaching crisis proportions.

Housing is a conspicuous example. The political class is finally catching up, with both NSW and Victorian premiers now making it a priority, and Treasurer Scott Morrison committing to a "housing package" as the centrepiece of the May budget. All probably very little, too late, with the issue complicated with overlapping federal and state responsibilities.

Our housing crisis has two main dimensions – affordability and debt risk – both the culmination of a couple of decades of drift by governments and monetary authorities. Not surprisingly, there are no quick and easy solutions to either.

The crisis in housing affordability is the outcome of the sustained and rapid rise in the cost of housing, both purchase and rental, with demand outstripping supply, especially in the east coast capitals. There are also mounting constraints on financial capacity, even with historically low interest rates, and concerns about job security. It has been particularly compounded by strong investor and foreign demand.