Scott Morrison wants to make affordable housing a key priority for this term of government, but Labor has accused him of coming late to the party and offering no more than a "cruel hoax".

The treasurer used a speech to the Urban Development Institute of Australia (UDIA) on Monday to give a broad outline of the challenges facing the housing market. He said the real pinch point for Australians is being able to get into the market in the first place, which is affecting…