Topic 2: Housing AffordabilityThe Queensland Cabinet is to meet on Monday 11 March 2024 to review the Queenslandgovernment's initiative to provide up to $30,000 to first home owners for buying or building a newhome before June 2025. You are part of an expert, interdisciplinary committee led by the Minister forHousing, Local Government and Planning - the Hon Meaghan Scanlon - and have been asked toconsider the need for the state government to intervene to address barriers to home ownership inQueensland.Specifically, the Queensland Cabinet would like to know whether the state government shouldintervene to extend this financial grant until the end of 2025 or halt the financial initiative altogetherand instead leave the Queensland housing market to the free market.In your presentation, you should discuss key microeconomic concepts such as Demand, Supply,Subsidy and Elasticity. Your demand and supply analysis framework should represent the market fornew residential properties in Queensland.Please read Chapter 3 "The Market at Work: Supply and Demand", from page 73 and Chapter 4"Elasticity", from page 115 to help you with your briefing and finding other credible resources (e.g.,peer reviewed journal articles) which explore these issues further. The use of real data (from greyliterature) where possible to support your presentation is desirable