It argues investor tax breaks over the next decade could build more than half a million social homes, and have outstripped spending on social housing by at least five times.
Further highlighting the disparity, the report says government spent about $164 per person on public and community housing in 1982. By 2022, the number had shrunk to $61.
During Australia's housing affordability high point, one in four homes was being built by government and one in three renters were government tenants.
But the government has withdrawn its support, campaign spokeswoman Maiy Azize said.
"In the midst of a major cost-of-living crisis, the federal government is spending record amounts on housing to line the pockets of investors," she told reporters in Canberra on Monday.
"It is propping up the private rental market through tax handouts to private investors.
"That has made renting and buying homes more expensive than ever."
In response, the national campaign to fix Australia's housing crisis has urged the federal government to scrap tax concessions for property investors and build more dwellings for lower income Australians.
"Tax handouts for investors will be a quarter of a trillion dollar mistake if the government doesn't change tack," Ms Azize said
"These tax handouts are inflating the cost of housing, they're commodifying housing, and they're making inequality in this country worse."
Research by property data group CoreLogic reveals rents increased 8.3 per cent in 2023, outstripping an 8.1 per cent rise in house prices and eclipsing a four per cent rise in wages.
Meanwhile, analysis by Ray White Group's chief economist Nerida Conisbee revealed the cost of median priced houses has increased by 78 per cent over the past decade while houses priced in the top five per cent have doubled in cost.
The federal government has promised to reinvigorate the sluggish home-building sector, pledging to deliver 1.2 million new dwellings over five years.
A major piece in the housing puzzle was set in place last week, with applications opening for the government's Housing Australia Future Fund.
While Ms Azize said the fund would make some difference, it wasn't enough.
"That is going to be completely dwarfed by the amount of money that we're putting into the private rental market and private investments," she said.
Housing Minister Julie Collins said the fund, along with the National Housing Accord, would deliver 40,000 social and affordable rentals in its first five years.
Over the longer-term, Written Off argues Australia should aim for a target of at least 10 per cent of all housing stock to be social housing.
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