Australian election 2025 live updates: Coalition announces $10bn ‘temporary and targeted’ tax relief plan as Labor unveils $10bn for housing
Key events
Josh Butler
Labor’s $10bn housing investment labelled ‘game changer’ for new supply
Labor’s housing investment is a “game changer” for new supply, according to the Property Council of Australia.
As we brought you this morning, Anthony Albanese will today announce $10bn for new housing supply with the states, in a bid to build 100,000 new homes specifically for first homebuyers, as well as open up the successful home guarantee scheme (which allows buyers to secure a mortgage with just a 5% deposit) to all first homebuyers.
The Property Council has previously raised concerns and doubts about whether Labor could meet its existing housing targets, projecting that the government was well behind its goals.
But the group’s CEO Mike Zorbas said the new program was a “balance between supply-side investment and demand stimulus that both supports first home buyers and acts as a hedge against global uncertainty.”
This kind of generational investment is a game changer for new housing supply. 100,000 new homes will be a big boost to our welcome and ambitious 1.2 million new homes target. We look forward to early industry involvement in the scheme design to make sure the benefits are maximised.
Zorbas said expanding the home guarantee scheme would also be a boost to first homebuyers.
Bridging the deposit gap is a critical factor in getting more young Australians into their own homes, many of whom are otherwise watching their dreams of home ownership slipping away. With the average age of first home buyers in our capital cities approaching 40, this is an important measure.
Coalition announces $10bn tax cut measure
Sarah Basford Canales
The Coalition has announced a $10bn tax cut measure giving Australians earning up to $144,000 up to $1,200 in tax relief in the upcoming financial year.
Peter Dutton announced overnight the “temporary and targeted” cost of living relief would put “money back into the pockets of millions of Australians”.
Those earning between $48,000 and $104,000 would benefit from the full offset of $1,200, which the opposition claims would benefit around 85% of taxpayers.
It comes as the Albanese government pledged $10bn to help build 100,000 new homes nationwide for first-home buyers. Dutton said:
Our cost of living tax offset will put more money back into the pockets of millions of Australians at a time when they’re being crushed by skyrocketing grocery bills, rent, mortgage repayments and insurance costs.
The opposition leader said the measure, in conjunction with its promise to temporarily halve the fuel excise to 25.4 cents, would “put more money back into the pockets of millions of Australians at a time when they’re being crushed by skyrocketing grocery bills, rent, mortgage repayments and insurance costs”.
Welcome
Good morning and welcome to our live coverage of day 17 of the election campaign.
Both major parties will hold their campaign launches today. Labor is holding its launch in Perth, with housing on the agenda: the prime minister, Anthony Albanese, has announced a $10bn plan to help build 100,000 homes for first home buyers.
The proposed program would allow first home buyers to secure a new build with a 5% deposit, with the government to guarantee part of the deposit. It would require agreements with state and territory governments to fast-track land releases and building approvals, with the aim of the first residents moving in by 30 June 2028.
Albanese said:
I want to help young people and first home buyers achieve the dream of home ownership.
Western Australia was key to Labor securing its election victory in 2022 and they’ll be hoping Western Australia delivers again: the seats of Pearce and Tangney, won by Labor in 2022, are facing strong Liberal campaigns, as is the previously blue-chip seat of Curtin which was won by independent Kate Chaney. Moore, held by former Liberal MP now independent candidate Ian Goodenough, is also in play. There’s also the new seat of Bullwinkel in east Perth, which the ABC’s Antony Green says is notionally Labor but the Nationals candidate, the former state leader Mia Davies, has strong name recognition.
Josh Butler is on the campaign trail with Albanese and will bring you the latest.
Peter Dutton was in Perth yesterday but will be in Sydney today for the Liberal party campaign launch. He’s announced a $10bn plan for temporary tax relief, to roll out next financial year. We’ll bring you more details on that shortly.
It’s also likely he’ll continue to be asked about comments made by Jacinta Nampijinpa Price while standing next to him at a joint press conference in the seat of Tangney, that she wanted to “make Australia great again”.
Sarah Basford Canales has been on the trail with Dutton and will keep you up to speed.
For now, get a hot beverage of your choice and settle in. There’s more to come.
