How would rent caps work in Australia and how might they affect affordability?

With vacancy rates in Australian capital cities averaging just 1.2%, rental costs are soaring, pushing many people out of their homes. Photograph: Blake Sharp-Wiggins/The Guardian

The Queensland premier, Annastacia Palaszczuk, has spent this week riding a tide of investor backlash after saying her government was “very seriously” considering introducing rental caps.

Queensland is feeling the brunt of the nation’s rental crisis, with rents rising 80% in the central city of Gladstone, 51% in Noosa and 33% on the Gold Coast in the past five years.