Taking a further step back, the reason we're running immigration so hard is in an effort to delay the inevitable demographic shift.
Average age of the Australian population is 38.3 years.
The median age of migrant arrivals in 2023-24 was 27.
Both from ABS data that Google brings up.
So flooding the country with migrants is a means to slow, but not halt, the ageing of the population. Trouble is it's of limited effectiveness given the gap is only 11 years, meaning we need a seriously large number of migrants arriving on a constant basis for it to work.
Far more effective mathematically would be to make our own. That is, for existing Australian women to have a sufficient number of children to stabilise the population. That fixes the demographic problem and does so without constant growth. It's far more potent than immigration since by definition the average age of a child at birth is zero, meaning they're 38.3 years younger than the population versus the comparatively small 11 year gap with migrants.
That then gets into the real issue - the destruction of the family as the core, fundamental unit of society. I'm not advocating we go back to 1950 and lock women in kitchens and I'm not saying we shouldn't accept same sex relationships and so on. But creating a situation where most adults marry and have 2 or 3 children would be a good thing.
The next step back is with relationships and "chicken or egg" argument with housing itself. How to get to a situation where relationships are at least reasonably stable, or at a minimum not seen as a threat, and the issue that people without suitable housing often avoid having children thus continuing the cycle.
I'm not against immigration per se, indeed my own mother was born overseas, but at present Australia's using it in an attempt to offset serious structural problems in society and that just isn't working out at all well. It requires exponential growth to continue and at some point that's not going to happen, the game's up.