Why are we letting the Reserve Bank make housing less affordable?

It speaks volumes to the lack of ambition in the federal government that it took a first-term senator on the backbench to identify and speak out about one of the most significant public policy challenges facing Australians. While the government has failed to deliver modest industrial relations reform and is now suffering in the culture war it insists doesn’t exist, Senator Gerard Rennick has his finger on the pulse when it comes to the concerns of mainstream Australians. 

Last week, Rennick brought the issue of monetary policy, asset inflation, housing affordability, and inequality into the public debate. While his specific policy proposal to reduce asset inflation by expanding capital gains tax to some…