Internal documents from the Reserve Bank of Australia (RBA) have surfaced, indicating a critical institutional perspective on the efficacy of the Labor government's initial housing strategies.

澳洲儲備銀行（RBA）的內部文件流出，顯示該機構對工黨政府初步房屋策略的成效持批判態度。

The RBA's internal assessments, disclosed via freedom of information requests, characterize the administration's first-term housing initiatives as 'relatively modest.' Policy experts within the bank posited that demand-side subsidies, specifically the Help to Buy initiative and the 5 per cent deposit scheme, may have inadvertently precipitated price increases by accelerating purchases without a corresponding increase in housing stock. Furthermore, the RBA identified migration levels, land-use regulations, and tax frameworks as the primary levers of influence, noting that these fundamental drivers remained largely static during the government's first term.

RBA 透過資訊自由請求而披露的內部評估，將政府首期的房屋措施形容為「相對平庸」。銀行內部的政策專家認為，需求端的補貼，特別是「購屋援助計劃」（Help to Buy）與 5% 首付款計劃，可能會因為加速買盤而導致房價上升，但房屋供應量卻未有相應增加。

In response to these critiques, Treasurer Jim Chalmers has asserted that the redirection of approximately $25 billion from investor concessions toward new constructions will enhance supply. The administration's current strategy involves a transition from the 50 per cent capital gains tax (CGT) discount to an indexation model and the restriction of negative gearing to new developments. While the government maintains that these measures, alongside a $2 billion infrastructure fund, will mitigate projected supply deficits, the RBA expressed caution regarding the feasibility of the government's target to deliver 1.2 million new homes by the decade's end.

為回應這些批評，財政部長 Jim Chalmers 聲稱，將約 250 億澳元從投資者優惠轉向新建築項目將會增加供應。政府目前的策略涉及將 50% 的資本利得稅（CGT）折扣轉為指數化模型，並將負扣稅（negative gearing）限制在新開發項目。雖然政府堅持這些措施連同 20 億澳元的基礎建設基金可以緩解預計的供應短缺，但 RBA 對政府在十年內交付 120 萬個新住宅目標的可行性表示擔憂。

Concurrent with these policy debates, the residential market has exhibited a decline in auction clearance rates, reaching levels not observed since 2020. The Treasurer has characterized this downturn as potentially advantageous for first-time buyers by reducing competition from investors, attributing the trend to broader economic conditions and interest rate adjustments. Conversely, the Coalition has utilized the RBA's findings to argue that the government has failed to align migration rates with construction capacity, while some analysts suggest that the federal government's influence is limited by the jurisdictional authority of state governments over zoning.

在這些政策爭論之時，住宅市場的拍賣成交率有所下降，跌至 2020 年以來未見的水平。財政部長認為這種下跌對首購族可能有利，因為可以減少投資者的競爭，並將這個趨勢歸因於更廣泛的經濟狀況與利率調整。相反，聯立黨利用 RBA 的發現來指責政府未能將移民率與建築能力掛鉤，而部分分析師則認為聯邦政府的影響力受限於州政府對分區劃定（zoning）的管轄權。

The Australian housing market remains characterized by a tension between government-led demand subsidies and institutional concerns regarding systemic supply constraints.

澳洲房屋市場依然處於政府主導的需求補貼與機構對系統性供應限制之憂慮之間的緊張狀態。