Housing Affordability

Labor's Approach:

Housing Australia Future Fund: A $10 billion initiative to construct 30,000 social and affordable homes over five years, including 20,000 social housing units and 10,000 affordable rentals for frontline workers.
Help to Buy Scheme: A shared equity program where the government co-purchases up to 40% of a home, reducing the financial burden on buyers.
Home Guarantee Scheme Expansion: Allows first-home buyers to purchase with a 5% deposit without paying lenders' mortgage insurance, expanding eligibility to more buyers.

Coalition's Approach:

Superannuation Access: Permits first-home buyers to withdraw up to $50,000 from their superannuation for home purchases.
Mortgage Interest Deduction: Offers tax deductions on interest for the first $650,000 of a mortgage for new homes, potentially saving buyers up to $12,000 annually.
Infrastructure Investment: Commits $5 billion to accelerate essential infrastructure, aiming to unlock up to 500,000 new homes.

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Cost of Living

Labor's Measures:

Tax Cuts: Plans to reduce the lowest income tax rate from 16% to 14%, benefiting low- and middle-income earners.
Energy Bill Relief: Extends rebates on electricity bills, providing households with a $150 rebate from July.
Wage Growth: Supports annual wage reviews to ensure wages keep pace with living costs.

Coalition's Measures:

Cost of Living Tax Offset: Introduces a one-off tax rebate of up to $1,200 for individuals earning up to $144,000, offering immediate relief.
Fuel Excise Reduction: Proposes halving the fuel excise from 50.8 cents to 25.4 cents per litre for 12 months, reducing fuel costs.

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Both parties aim to alleviate housing and living cost pressures but differ in execution. Labor focuses on long-term investments in housing supply and systemic relief, while the Coalition emphasizes immediate financial relief and leveraging existing assets. Voters should consider which approach aligns with their priorities when casting their ballots. (Cost of living: Which party is better for your back pocket)

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A Tale of Two Parties – The Federal Election