Labor will build 100,000 homes for first-time buyers under a plan set to cost taxpayers $10 billion if it wins the federal election.
A re-elected Labor government would work with states and territories to use vacant or under-utilised government land to fast-track release and planning approvals to build the 100,000 homes from 2026, with buyers moving in by 2028.
Prime Minister Anthony Albanese said Australians would also be able to buy their first home with a five per cent deposit, with the government guaranteeing the other 15 per cent.
His government would expand the existing help-to-buy scheme by increasing property price limits to reflect the average in each state’s capital city and removing caps on places and incomes.
The move would mean a Sydney first homebuyer could buy a $1 million apartment with a $50,000 deposit, or a Queenslander could purchase a $850,000 home with a $42,500 deposit.
“I want to help young people and first homebuyers achieve the dream of home ownership,” Mr Albanese said in a statement.
The leaders of the major parties are set to crank up the charm offensive on Sunday to win over voters ahead of the May 3 election.
Mr Albanese will formally send Labor’s campaign down the slipway in Perth while Peter Dutton is expected in Sydney for the Liberals’ launch.
Both are making things official earlier than usual in a bid to stay in public view ahead of a slew of public holidays for Easter and Anzac Day.
Mr Albanese’s pitch is also expected to emphasise the government’s track record of lowering inflation to 2.4 per cent, lowering interest rates, keeping unemployment down and creating jobs.
“Our vision is for building Australia’s future, dealing with the immediate issues that we need to put in place, providing further cost-of-living relief,” he told reporters in Perth on Saturday.
“What my government offers is stability, is certainty, is competence.”
Labor has already committed to pouring $8.5 billion into Medicare to ensure nine out of 10 GP visits can be bulk-billed.
It has also promised to cut 20 per off student debts, rebates of $150 on energy bills and small tax cuts.
Mr Dutton has promised to lead a campaign that will deliver on issues he has been presented with across Australia, including cost-of-living pressures and the difficulty of home ownership.
“People who are in tears about the cost-of-living crisis in their own families, young Australians who have lost the dream of home ownership under this government,” he said in Western Australia’s Tangney on Saturday.
“People who feel less safe in our community (and) people who are worried that they’ve got a prime minister who just can’t tell the truth.”
Mr Dutton was reportedly set to announce a one-off tax offset of up to $1200 for people earning up to $144,000, to be paid as a lump sum from July 2026.
The coalition has also pledged to reduce the annual intake of permanent migrants from 185,000 to 140,000 for two years and cut the number of refugee and humanitarian places.
It has already vowed to temporarily halve the fuel excise, match Labor’s Medicare funding and establish a $5 billion fund to speed-up essential infrastructure.
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