Australian Prime Minister Anthony Albanese’s centre-left Labor Party officially launched its election campaign on Sunday, pledging to support more first-time home buyers ahead of the closely contested 3 May vote against the conservative opposition.
With polls showing Labor and the Liberal-National coalition running neck-and-neck, the government has promised to address Australia’s housing crisis by building 1.2 million homes by the end of the decade. Rising living costs and a shortage of affordable housing have become central issues in the campaign.
“In Australia home ownership should not be a privilege to inherit if you’re lucky,” Albanese stated during the launch of Labor’s campaign in Perth, the capital of Western Australia.
Labor’s plan includes guaranteeing a portion of a first-time buyer’s mortgage, enabling purchases with a 5% deposit. The government also committed $10 billion—approximately £6.3 billion—in grants and loans to construct up to 100,000 new homes to help more Australians enter the property market.
“If you are looking to buy your first home, Labor has got your back,” Albanese added in the televised speech, aired by the Australian Broadcasting Corporation.
Meanwhile, opposition leader Peter Dutton, the former defence minister, launched the Liberal-National coalition’s campaign in Sydney. He also centred his pitch on tackling the housing crisis, proposing tax relief and a rival scheme that would allow first-time buyers of new properties to deduct mortgage payments from their income taxes.
“I will be a prime minister who restores the dream of home ownership,” Dutton said in his televised remarks.
Highlighting his background as a former police officer and entrepreneur, Dutton emphasised his extensive political experience, having held key economic, social, and national security roles over his 23-year parliamentary career.
Dutton’s approval ratings have recently risen, drawing close to those of Albanese, whose popularity has declined amid economic pressures, including soaring interest rates and inflation during his time in office.
