The 18% interest rates applied only briefly, and were a necessary shock to enable the Hawke-Keating governments to fundamentally restructure the economy.

A restructuring that has since effectively limited the band within which interest rates will move (we're close to the top of that band now IMO).

I agree with Dave's assessment of the policies but to be fair the lust for "my own house" is burnt so very deep into the Australian psyche that many similar policies would exist under any government in this country.