Australian political leaders launch election campaigns focused on first-time homeowners
MELBOURNE, Australia — Australia’s political leaders have unveiled their plans to assist Australians in purchasing homes as the nation gears up for its first federal election where younger voters will outnumber the long-dominant baby boomer generation.
Prime Minister Anthony Albanese and opposition leader Peter Dutton have kickstarted their respective campaigns ahead of the May 3 elections.
Both campaigns have prioritized assisting aspiring homeowners in a challenging real estate market marked by high prices and limited supply due to various factors such as inflation, builder insolvency, material shortages, and population growth.
Albanese emphasized the importance of making homeownership accessible to all Australians, stating, “In Australia, home ownership should be achievable for everyone, not just a select few who are fortunate.”
The Labor Party pledged $10 billion in grants and loans to construct 100,000 new homes over eight years exclusively for first-homebuyers, reducing the deposit requirement to 5% with the government covering the remaining 15%.
On the other hand, the Liberal Party proposed measures to curb housing demand by restricting foreign investors and temporary residents from purchasing existing homes for two years, alongside reducing immigration and foreign student intakes.
Dutton also announced plans to allow first-time homebuyers to claim tax deductions on mortgage interest payments for new homes, aiming to make homeownership more attainable.
With the upcoming election reflecting a shift in demographics where younger generations constitute a majority of voters, both parties are focusing on addressing the housing challenges faced by Millennials and Generation Z.
The political landscape has been marked by contrasting visions, with accusations of mimicking foreign policies and a strong emphasis on shaping Australia’s future in alignment with the needs of its citizens.
