Sukkar says no silver bullets to housing

Newly promoted Liberal MP Michael Sukkar concedes there are "no silver bullets" in solving Australia's housing affordability problem, but has promised the federal government will take a multi-faceted approach to it this year.

Mr Sukkar was sworn-in as assistant minister to the treasurer on Tuesday in Prime Minister Malcolm Turnbull's latest ministerial shake-up and given housing affordability as his key task, as a new report showed Sydney housing the least affordable in the world behind Hong Kong and Melbourne sixth.

"(There will be a) multi-faceted approach that pulls the levers we can and it assists the state governments pull the levers that they can," the Victorian MP told Sky News.