Labor will increase the cap for how much people can earn to be eligible for its signature help-to-buy police, as well as how much can be spent on a property. The government will chip an additional $800 million dollars to expand the scheme, which helps Australians co-own a home with the government. It is part of Labor’s re-election pitch to young voters as it promises to ease cost-of-living pressures.
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TVTranscript
00:00Suiting up for the election campaign.
00:05We don't like seeing you in red.
00:07No, it's not my colour, I tell you.
00:10Peter Dutton in Lyons, a seat the Coalition wants to turn Liberal Blue.
00:15The major parties revving their campaign engines ahead of a federal poll
00:19that'll be fought on the cost of living.
00:23Taking a spin around a track he's promised to upgrade if elected
00:27and announcing $35 million to renovate two regional airports.
00:32It will mean that there's more economic activity,
00:35which means that there are more jobs.
00:37Labor with a promise of its own,
00:39$49 million to supercharge the construction of prefabricated homes.
00:44We want to build 1.2 million new homes by 2030.
00:49Prefab can play a role in that.
00:52Trying to spark voter interest
00:54among those struggling to get onto the property ladder
00:57and reframing its signature housing policy
01:00to expand those eligible to access its Help to Buy shared equity scheme.
01:05For singles, the income cap will lift from $90,000 to $100,000.
01:09And for couples or single parents, it climbs from $120,000 to $160,000.
01:16In Sydney, the property price cap will increase to $1.3 million,
01:20in Brisbane to $1 million and in Melbourne to $950,000.
01:25The Albanese government's created this housing crisis
01:28by bringing a million people in.
01:30Labor's policy welcomed by experts,
01:32but with a warning this is just tinkering around the edges.
01:36I do think there is an appetite for equity sharing schemes.
01:41It will have a very small inflationary effect on house prices.
01:46With millennials and Gen Z voters set to outnumber baby boomers
01:49for the first time at the ballot box,
01:51tackling housing affordability
01:53is central to the government's re-election pitch.
01:56Labor conscious, this cohort is also being courted by another party.
02:01We need a government that is willing
02:03and has the guts to tackle rising rent.
02:06This is where the rubber hits the road for the campaign race.