Election housing promises revealed
Underpinning this cost-of-living-centric election is the issue of housing. The states and territories have a big responsibility to play, but the federal government has more money at its disposal and the major, overarching levers to pull.
In the latest federal budget, Labor beefed up its shared equity scheme, taking the program to $6.3bn over the next four years. The government will pay for and take a stake in a first homebuyer's house.
The Labor government has also set an 'ambitious national target' to build 1.2 million new homes over the next five years, including 55,000 social and affordable properties, all at a cost of $21bn. This figure includes $4.5bn to the states and territories to unclog planning and infrastructure backlogs. The latest estimates forecast the country will fall 400,000 homes short of Labor's 1.2 million home target.
If the Coalition is elected, they say their plans for big cuts to immigration will fit hand in glove with measures to reduce power bills, and allowing people to pull from their superannuation, to help more people buy themselves a house.
What the major parties agree on:
Foreign buyer ban: Both Labor and the Coalition will ban foreign investors and temporary residents from buying existing homes for two years. The policy does not stop this cohort investing in newly built homes.
No changes to negative gearing: Both major parties have ruled out changes to negative gearing and capital gains tax.
Negative gearing allows an investor to offset income from an investment property against any losses from maintaining it, giving them a potential tax deduction.
Capital gains tax is a 50 per cent concession on any profit made from the sale of assets, including a house, after owning it for at least 12 months. Dour sentiment around housing will be central in this election. NewsWire / David Swift Credit: News Corp Australia
Labor:
New home builds: Labor will expand its Homes for Australia plan to build an extra 100,000 homes specifically for first-time buyers. The party has also vowed $54 million to boost construction of prefabricated and modular homes.
Help to Buy: The government committed another $800m in the 2025 federal budget to lift property price and income caps on its Help to Buy scheme, which contributes equity of up to 40 per cent to support eligible homebuyers.
Home Guarantee Scheme: All first homebuyers to be eligible for 5 per cent deposits, without needing to pay mortgage insurance.
Tradies: In a bid to boost supply, the government is offering construction apprentices a $10,000 cash bonus, while employers of various key trades can get $5000 under the Priority Hiring Incentive. Tradies can also get means-tested concessional loans to help with living expenses, learning a trade and doing an apprenticeship.
Infrastructure boost: Labor has pledged a $1.5 billion fund to fast-track roads, sewage and water connections, aimed to speed up construction of new housing.
Rental investment: Investors will receive tax breaks as part of the build-to-rent program, which is estimated to deliver an extra 80,000 units over the next 10 years. Neither of the major parties will reform negative gearing and capital gains tax discounts; key mechanisms economists say could alleviate housing pressure. NewsWire / Andrew Henshaw Credit: News Corp Australia
The Coalition
Superannuation for housing: A Coalition government would allow first homebuyers to take 40 per cent of their superannuation, up to $50,000, for a home deposit. When the home is sold, the money would be repaid into superannuation.
Mortgage tax break: The Coalition will allow first homebuyers of new properties to claim the interest paid on the first $650,000 of a mortgage as a tax deduction, which is expected to cost $1.2 billion over four years.
Home Guarantee Scheme: The Coalition has also vowed to maintain the Home Guarantee Scheme program, which includes a 5 per cent deposit program for up to 35,000 first homebuyers, and another 10,000 specifically for those buying in a regional area, as well as a 2 per cent deposit scheme for 5000 single parents or eligible single legal guardians with at least one dependent.
Infrastructure boost: A $5 billion fund would help speed up development of new homes, fast tracking necessary infrastructure like roads, sewage and water.
Population: The Coalition would slash immigration numbers, which it says are a major contributor to the housing crisis. A Liberal National government would reduce permanent migration from 185,000 to 140,000 for two years, and then 150,000 in year three and 160,000 in year four). The refugee and humanitarian program intake would be cut from 20,000 to 13,750.
Backlog: Opposition Leader Peter Dutton has pledged to clear the backlog of housing projects waiting for environmental approvals, estimated to be more than 100, within his first 12 months if elected.
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Mr Rockliff called the motion "a selfish grab for power" but Mr Winter pushed back against claims of an opportunistic powerplay "The premier did confidence and supply agreements with the crossbench when he became premier ... and it was up to him to hold those agreements together," he said. "He couldn't do it. Those agreements have fallen apart." Tasmania went to the polls just 15 months ago in an election which returned the Liberals to power in minority with just 14 of 35 seats in the lower house. Some crossbenchers and the Greens have gripes with a new $945 million stadium in Hobart, a condition of the Tasmania Devils entering the AFL in 2028. Labor supports the team and a stadium, a position it reiterated on Wednesday in writing to the AFL. But the Devils fear an early election would delay the stadium project and put the club's licence at risk. Tasmanians are set to return to the polls with Premier Jeremy Rockliff confirming he will seek an election after losing a no-confidence motion. The Liberal leader's grip on power was lost after a marathon two-day debate in parliament finished on Thursday afternoon. The motion brought by Opposition Leader Dean Winter passed by the barest margin, with Labor speaker Michelle O'Byrne casting a deciding vote. With Governor Barbara Baker absent, Mr Rockliff spoke with her lieutenant, Christopher Shanahan, before announcing he would reconvene parliament on Tuesday to pass an emergency funding bill for public servants' wages. "It's at that point, when the bills go through both houses of parliament, that I will seek an audience with Her Excellency, the Governor of Tasmania, to call an election," he told reporters outside Government House. "But my most highest priority right now is to ensure that we continue to fund our essential services that all Tasmanians need, deserve and care about." In a speech following the vote, an emotional Mr Rockliff said it was a "sad day". "What we have in this parliament, as I've said over the course of the last 14 months, is an eclectic mix of people from all backgrounds, which is how parliament should be, in actual fact," he told the House of Assembly. "And I wanted it to work. I believed in it and I actually still do. "We've got most of our agenda through simply because of our negotiations between each other. And that's why I'm so disappointed, if not broken-hearted, frankly." Mr Winter brought the no-confidence motion following the Liberal minority government's budget, winning the support of the Greens and three crossbenchers for an 18-17 vote. Liberal MPs yelled out "weak" as the house divided for the vote. Mr Rockliff, premier since 2022, conceded the numbers were against him but vowed to "fight to his last breath" and not resign. He said Tasmania did not want and could not afford its fourth state election in seven years. "Be that on Mr Winter's head. This has been a selfish grab for power. I have a lot more fight in me," he said. "The only job Mr Winter is interested in is mine. And I am not going anywhere." Mr Winter, opposition leader since Labor's loss in 2024, said Tasmanians wanted to see the end of Mr Rockliff and the Liberals, who have governed under three different premiers since 2014. The 40-year-old brought the no-confidence motion following last week's budget, which forecasted deficits through the forward estimates and a debt blowout beyond $10 billion. "We are ready for an election," he said, flanked by his caucus outside a substation in Mt Wellington's foothills, a site chosen to press home arguments against privatisation. "We will not stand by and let this premier wreck our budget and sell the assets that Tasmanians have built." During the debate, Labor also lashed Mr Rockliff for delays and cost blowouts to the delivery of two new Bass Strait ferries. Mr Rockliff called the motion "a selfish grab for power" but Mr Winter pushed back against claims of an opportunistic powerplay "The premier did confidence and supply agreements with the crossbench when he became premier ... and it was up to him to hold those agreements together," he said. "He couldn't do it. Those agreements have fallen apart." Tasmania went to the polls just 15 months ago in an election which returned the Liberals to power in minority with just 14 of 35 seats in the lower house. Some crossbenchers and the Greens have gripes with a new $945 million stadium in Hobart, a condition of the Tasmania Devils entering the AFL in 2028. Labor supports the team and a stadium, a position it reiterated on Wednesday in writing to the AFL. But the Devils fear an early election would delay the stadium project and put the club's licence at risk. 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In a speech following the vote, an emotional Mr Rockliff said it was a "sad day". "What we have in this parliament, as I've said over the course of the last 14 months, is an eclectic mix of people from all backgrounds, which is how parliament should be, in actual fact," he told the House of Assembly. "And I wanted it to work. I believed in it and I actually still do. "We've got most of our agenda through simply because of our negotiations between each other. And that's why I'm so disappointed, if not broken-hearted, frankly." Mr Winter brought the no-confidence motion following the Liberal minority government's budget, winning the support of the Greens and three crossbenchers for an 18-17 vote. Liberal MPs yelled out "weak" as the house divided for the vote. Mr Rockliff, premier since 2022, conceded the numbers were against him but vowed to "fight to his last breath" and not resign. He said Tasmania did not want and could not afford its fourth state election in seven years. "Be that on Mr Winter's head. This has been a selfish grab for power. I have a lot more fight in me," he said. "The only job Mr Winter is interested in is mine. And I am not going anywhere." Mr Winter, opposition leader since Labor's loss in 2024, said Tasmanians wanted to see the end of Mr Rockliff and the Liberals, who have governed under three different premiers since 2014. The 40-year-old brought the no-confidence motion following last week's budget, which forecasted deficits through the forward estimates and a debt blowout beyond $10 billion. "We are ready for an election," he said, flanked by his caucus outside a substation in Mt Wellington's foothills, a site chosen to press home arguments against privatisation. "We will not stand by and let this premier wreck our budget and sell the assets that Tasmanians have built." During the debate, Labor also lashed Mr Rockliff for delays and cost blowouts to the delivery of two new Bass Strait ferries. Mr Rockliff called the motion "a selfish grab for power" but Mr Winter pushed back against claims of an opportunistic powerplay "The premier did confidence and supply agreements with the crossbench when he became premier ... and it was up to him to hold those agreements together," he said. "He couldn't do it. Those agreements have fallen apart." Tasmania went to the polls just 15 months ago in an election which returned the Liberals to power in minority with just 14 of 35 seats in the lower house. Some crossbenchers and the Greens have gripes with a new $945 million stadium in Hobart, a condition of the Tasmania Devils entering the AFL in 2028. Labor supports the team and a stadium, a position it reiterated on Wednesday in writing to the AFL. But the Devils fear an early election would delay the stadium project and put the club's licence at risk.
