As Australia heads toward a tight 3 May election, housing dominates the debate, with both major parties unveiling bold plans to help first-time buyers amid a growing affordability crisis and rising living costs.

With Australia heading towards a tightly contested federal election on 3 May, both major political parties have made housing a central issue in their campaigns. Prime Minister Anthony Albanese’s centre-left Labor Party has promised a sweeping housing package, pledging to build 1.2 million homes by 2030 and help first-time buyers with government-backed loans requiring only a 5% deposit. Labor also announced a A$10 billion fund to construct 100,000 new homes, aiming to address the growing housing affordability crisis.

Launching the campaign in Perth, Albanese said, “Home ownership should not be a privilege to inherit if you're lucky”.

Meanwhile, opposition leader Peter Dutton of the Liberal-National coalition unveiled a competing housing strategy at the Sydney launch of their campaign. His plan offers tax relief and allows first-time buyers to deduct mortgage payments from their income tax.

Promising to “restore the dream of home ownership”, Dutton drew on his varied background in policing, business, and government service to appeal to voters.

With both leaders locked in a neck-and-neck race, housing affordability remains a pivotal issue for Australians amid rising living costs and interest rates.

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