Peter Dutton has upped the ante over housing policy with a pledge to spend $5 billion on water, sewage and other enabling infrastructure for shovel-ready developments with the aim of building up to 500,000 new homes in five years.

Firing his first big salvo ahead of an election expected to be dominated by the contest over housing, the opposition leader also promised, if elected, to prohibit for 10 years any more changes to the National Construction Code to reduce compliance costs and delays.