Treasurer Joe Hockey has this morning defended his comments that Sydney housing was not unaffordable, and that first home buyers just needed to "get a good job that pays good money" in order to enter the housing market. Hockey appeared on ABC's AM program and then ABC's News Radio station to clarify his comments, including his claim that if housing was unaffordable then people would not be buying it.

"Housing is very expensive and I understand that. Look, I totally understand that," Hockey told AM. "When you're committing so much of your wage to your mortgage, it's a big ask, with all the other pressures in life."

Opposition Leader Bill Shorten criticised Hockey's comments, saying the Abbott Government is "incapable of understanding the needs of ordinary Australians who want to see their kids enter the housing market."

Hockey's comments have been widely mocked even outside political circles, with humorous website The Shovel publishing "Joe Hockey's 6 Tips for First Home Buyers," including advice such as "be rich" and "Get someone else to pay for your travel."