Concerns surrounding affordability have become central to Australian housing debates. This chapter begins by describing the housing affordability issues that have been the focal point of what is popularly seen as Australia’s housing crisis; that is, the growing hurdles faced by many would-be first home buyers, a trend generally attributed to house price inflation outstripping income growth and borrowing capacity. It then reviews the conceptual and practical issues of defining housing affordability and examines affordability outcomes across all housing tenures using a range of measures. That analysis helps shift the spotlight from home buyers to the intensifying rental affordability pressures affecting lower-income tenants. To conclude, the chapter discusses the underlying structural causes of Australia’s housing affordability problems and their potential consequences.