Labor and the Coalition have officially launched their federal election campaigns, with the cost of living and first home buyers taking centre stage as the race nears the halfway mark. Source: SBS News.
Prime Minister Anthony Albanese announced a $10 billion plan that Labor says will help first home buyers get on the property ladder by making 100,000 homes available exclusively to them.
He also pledged to expand the first home guarantee scheme – which allows a 5 per cent deposit to purchase, with the Government guaranteeing the other 15 per cent – to all first-time buyers.
Mr Albanese also revealed Labor would introduce a $1000 “instant tax deduction” for work-related expenses.
Meanwhile, Opposition leader Peter Dutton said the Coalition would allow first home buyers who purchase new builds to deduct the interest component of their mortgage repayments on the first $650,000 of their home loan for five years.
The scheme would apply to owner-occupiers and be means-tested, with an income cap of $175,000 for singles and $250,000 for couples.
Mr Dutton also confirmed the Coalition would allow Australians to access up to $50,000 of their superannuation towards a deposit for their first home.
The Opposition leader also announced $10 billion would go towards a once-off cost of living tax offset. The tax break would be applied to those earning up to $144,000, and calculated to deliver up to $1200 back at the end of the financial year.
Mr Dutton spoke at the Liverpool Catholic Club in south-west Sydney. He said the nation was facing a “pivotal election”, the outcome of which would “define the decades to come”.
Speaking at a conference centre in Perth, Mr Albanese said the $10 billion pledge to first home owners would give young Australians a “fair crack” at purchasing because they would not have to compete with property investors.
“We want Australians to be able to afford a home where they want to live – close to their family, friends, work and community,” Albanese said.
Labor has promised to 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.
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Campaigns launched: PM pledges $1k ‘instant tax deduction’, Dutton teases defence boost (By David Aidone, SBS News)
