Opposition Leader Peter Dutton has vowed to slash permanent migration by a quarter to 140,000 a year, cut refugee arrivals by a third, and ban foreign investors and temporary residents from buying established homes for two years, in an attempt to free up 100,000 properties.

Saying he was more interested in “restoring the dream of homeownership” than the interests of pro-migration big business, Mr Dutton said he would cap the “excessive numbers” of foreign students at metropolitan universities to alleviate pressure on the rental market.