There's really two quite separate issues which go into the housing affordability crisis.
1. Demand has massively outpaced supply for decades. Whether its labour and materials costs, bureaucracy and red tape, corruption and self-interest in both government and construction, NIMBYism and overly restrictive zoning, lack of infrastructure to support dense housing; it all contributes to sky high development costs and supply of housing far below what the market could bear.
2. Our tax, banking and benefits systems disproportionately favour property ownership. Negative gearing gets a lot of attention, but even more severe are things like the home being exempt from capital gains and estate taxes, numerous schemes like the first homebuyers grants, exemption of the home from pension wealth assessments, non-taxation of imputed rent, easy access to liquid wealth via reverse mortgages etc.
And of course they intertwine. If housing was relatively cheap, the discrepancy between owners and renters wouldn't be quite so impactful. Or if ownership didn't have such enormous incentives, developers would build more high density and cheap housing for rental purposes.
It should be perfectly normal to be a lifelong renter and build your wealth by investing in other asset classes (bonds, stocks, hedges, entrepreneurship, etc). But in Australia that's financial suicide; if you can afford to buy, 99% of the time the answer is YES even if you'd probably be happier renting.