First to contextualise our account of private rental policy, this chapter profiles Australia’s rental market, the private rental dwelling stock, and the tenure’s residents. Next it discusses tax and other policy settings affecting private rental property investment (the supply side). It then turns to regulatory policy affecting the consumer experience of private renting; that is, the governance of landlord–tenant relations. Financial support pumped into the private rental system through Rent Assistance payments to low-income tenants are then summarised. The chapter concludes by analysing the numerous private rental reforms that have unfolded in recent years. These have included the reshaping of residential tenancy laws, tax changes to encourage growth of the fledgling Build-to-Rent market, the regulation of short-term rentals in several locations and recent increases in (Commonwealth) Rent Assistance (RA) payment rates.