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(AP Photo/Hiroshi Otabe) More CANBERRA, Australia (AP) Australia's prime minister fended off criticism Wednesday over tax concessions for investors in booming urban property markets after a central banker warned soaring housing prices could hurt the economy. Housing affordability has become a hot-button issue with many first-time buyers priced out of the market, especially in Sydney and Melbourne, where 40 percent of the country's 24 million people live. A growing doctor home loan australia Oak Laurel share of accommodation is being snapped up by investors who outbid owner-occupiers with the help of the generous tax concessions. Prime Minister Malcolm Turnbull said the government's budget for the next fiscal year, to be announced on May 9, will include help for home buyers. But he said state and local governments were causing prices to rise by not releasing enough land for housing construction. "Changing tax arrangements can have an impact, but they are a minor part of the solution," Turnbull told reporters. "The key to dealing with the housing affordability issue is building more houses," he said. In a speech Tuesday, Reserve Bank of Australia governor Philip Lowe raised concerns about a possible housing crisis as household incomes fail to keep pace with mortgage costs. Housing-related debt rose at a 6.5 percent annual pace last year while household incomes increased by 3 percent. "The concern has been that the longer the recent trends continue, the greater the risk to the future health of the economy," Lowe said.

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