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Election 2022 live: Scott Morrison launches campaign with plan to get first home buyers a home

Prime Minister Scott Morrison has revealed how the Coalition will allow first home buyers to invest their own super savings to enter the property market.

Liberal Party campaign launch targeted by protesters

Younger families will get access to larger homes under a new housing policy put forward by the Coalition.

Prime Minister Scott Morrison has announced his government will allow first home buyers to invest a “responsible portion” of their own superannuation savings to enter the property market.

“The maximum amount able to be invested under this plan is the lower of $50,000 for each individual or 40 percent of your total superannuation balance,” he said.

“Superannuation is there to help Australians in their retirement.”

The money taken out of the super fund to buy the house will be put back in should the house be sold.

The scheme, known as the “Super Home Buyer Scheme”, will apply to both new and existing homes with the invested amount to be returned to their superannuation fund when the house is sold, including a share of any capital gain.

“Super should be harnessed to support the aspiration of many thousands of families who want to buy a home,” Mr Morrison said.

Prime Minister Scott Morrison reveals a new housing policy at his campaign launch in Brisbane. Picture: Jason Edwards
Prime Minister Scott Morrison reveals a new housing policy at his campaign launch in Brisbane. Picture: Jason Edwards

“Our plan makes it easier for first home buyers to save for a deposit, reducing the time people need to pay rent, and also means a smaller mortgage with less debt and smaller repayments.

“It’s a plan that gets the balance right – it utilises money that’s currently locked away to transform a family’s life, with the money then responsibly returned to the super fund at the time of home’s sale.”

There are no income or property caps under the Super Home Buyer Scheme but only those who have separately saved 5 per cent of a deposit will be eligible.

The Super Home Buyer Scheme will start by July 1, 2023, should the Coalition win government.

The new policy shift has been lashed by Labor housing spokesman Jason Clare, who described the policy as a “last desperate act from a dying government” and would only increase property prices.

Jason Clare attacks the policy from Scott Morrison. Picture: Sky News
Jason Clare attacks the policy from Scott Morrison. Picture: Sky News

“This will just put fuel on the fire and make prices even worse,” he said.

“Lots of young people are finding it tough, and I really worry, not just that young people give up now… but what does that mean in 20 or 30 years or 40 years when they retire? And they’re still renting in retirement?”

Housing affordability has emerged as a key topic during the election as an increasing number of Australians find themselves priced out of the market, both for purchasing and renting property.

Labor has abandoned the bold negative gearing and capital gains tax reforms it took to the 2019 election.

Instead it says it will address affordability by offering to take an equity stake in properties bought by 10,000 first homebuyers each year.

Labor’s Help to Buy scheme would contribute up to 40 per cent of the price of a new property and 30 per cent of an existing property, with government subsequently owning that portion of the property.

The owner would be able to buy out the government’s stake.

Former prime minister Paul Keating, who first introduced superannuation in 1992, said it was another “full frontal assault by the Liberal Party on the superannuation system.”

“The Liberals hate the superannuation system – they object to working Australians having wealth in retirement independent of the government,” Mr Keating said.

“The superannuation taxation concessions exist solely to produce a retirement income for people. Its key is preservation.”

“Preserved, superannuation savings double roughly every eight years. Over a 40-year working life, at 12 per cent contributions, savings should accumulate to approximately $2 million in today’s dollars.

“Too good for them, says the Liberal Party. We’ll let them pilfer it away in the supposed good cause of housing deposits. Next it will be aged care or longevity or paying out HECS debt – anything to puncture the pool of money they do fervently hate.

“If the public needs yet another idea to put this intellectually corrupt government to death, this is an important offence – and with the government, its unprincipled Prime Minister.”

Industry representative body the Financial Services Council asserted the policy would “undermine the purpose of the superannuation system” and the government had an “obligation to do more to boost (housing) supply”.

Paul Keating on Labor’s election campaign trail. Picture: Liam Kidston.
Paul Keating on Labor’s election campaign trail. Picture: Liam Kidston.

Industry Super Australia chief executive Bernie Dean said throwing super into the housing market would be like “throwing petrol at a bonfire”.

“It will jack up prices, inflate young people’s mortgages and add to the aged pension, which taxpayers will have to pay for.,” he said.

The Property Council of Australia also signalled the focus needed to be on increasing the supply of housing, though it stated “targeted demand-side policies” to support aspiring buyers were welcome.

It welcomed the plan to incentivise older Australians to “right-size” their homes, but continued to urge all governments to tackle housing supply to properly address growing affordability concerns.

Chief executive Ken Morrison said helping older Australians find more suitable homes made sense, but housing supply remained a pressing need and more action was required by all governments on the issue.

“The Super Home Buyer Scheme is another demand-side measure supporting the worthy goal of home ownership, but the primary challenge is to provide the housing supply and choice our growing communities need,” he said.

Master Builders Australia CEO Denita Wawn said the policy will mean keeping the dream of homeownership within reach of Australians.

“The success of this policy is that it is aligned with the intent of superannuation which is to provide sufficient retirement income,” she said.

The Association of Superannuation Funds of Australia (ASFA) said the policy would be ineffective in improving housing affordability.

The announcement at his campaign launch in Brisbane came after Treasurer Josh Frydenberg took the stage to raucous applause and a standing ovation, making the quip that he wished he got this reception in his electorate of Kooyong – where the “teal” candidate is on the march.

Deputy Prime Minister Barnaby Joyce sledged Labor’s frontbench during the Coalition launch attended by Liberal supporters and former prime ministers Tony Abbott and John Howard.

Earlier, Anthony Albanese launched a scorching attack on Mr Morrison and his team at a rally in Brisbane, while vowing to be a “builder”, whether it was roads or relationships.

It comes as protesters descended outside the Coalition’s campaign launch, which is across the river.

In other election news today:

■ Labor has announced a $1bn advanced manufacturing fund to diversify and rebuild Australia’s industrial base

■ Mr Morrison promises to change his ways and offer more opportunities to Australians, unveiling his new plan to get more people to downsize and free up housing stock for young buyers to get their first home

■ Treasurer John Frydenberg attacked Mr Albanese for “copying” policies after he said he would match his plan to encourage older Australians to downsize their home.

■ Mr Albanese is focusing his attention on lifting the minimum wage, and won’t commit to extending that to the public service.

Follow the updates in our coverage below.

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PM: I HAD ONE FOCUS, TO SAVE THE COUNTRY

Mr Morrison launched his re-election bid, highlighting his government response to Covid and inflation.

“Not everything went to plan but you know, when it didn’t, and while others were criticising, we just worked feverishly to turn it around … what followed was the largest economic and public health response in Australia’s history,” he said.

Speaking about the Covid pandemic, Mr Morrison said as a leader he knew “this was a time for strength”.

“It was a time for pushing through. I had one focus as your Prime Minister, save the country.”

Mr Morrison began his campaign speech saying, “how good is Queensland” after the audience watched a montage about the Morrison government’s handling of the pandemic featuring sit down interviews with the Prime Minister, Jenny Morrison and several members of his frontbench.

Jenny Morrison paid tribute to her husband as Prime Minister during the Liberal campaign launch where supporters were played a montage of about the Morrison government’s handling of the pandemic.

Jenny Morrison in a promotional video during the Liberal Campaign launch in Brisbane. Picture: Sky News
Jenny Morrison in a promotional video during the Liberal Campaign launch in Brisbane. Picture: Sky News

The video featured interviews with the Prime Minister, Mrs Morrison and several members of his frontbench.

Mrs Morrison said of her husband: “Whatever came across his desk, he would just be right, what are we going to do about this now.

“I was seeing the local shops just slowly closing up.

“He is very good at getting across information very fast.”

Defence Minister Peter Dutton spoke about Mr Morrison’s calmness at the top secret national security committee meetings, and Mrs Morrison saying her husband was able to get across information quickly.

Women featured heavily in the videos, with appearances from Foreign Affairs Minister Marise Payne, Superannuation Minister Jane Hume and Social Services Minister Anne Ruston.

Prime Minister Scott Morrison at the Coalition’s election campaign launch in Brisbane. Picture: Jason Edwards
Prime Minister Scott Morrison at the Coalition’s election campaign launch in Brisbane. Picture: Jason Edwards

He said Australia was no longer dominated by fear but aspiration – and this would require a different approach from his government if it is re-elected on Saturday.

“We stand on the edge of a new era of opportunity. Better days are now ahead. But we cannot take them for granted,” Mr Morrison said.

Barnaby Joyce and Tony Abbott at the launch. Picture: Jason Edwards
Barnaby Joyce and Tony Abbott at the launch. Picture: Jason Edwards

“As a government we have the ideas to secure that opportunity. And I know our economic plan is working because Australians are working and we’re heading in the right direction.

“If re-elected, you will see me as your Prime Minister, our government, and our nation get that extra gear needed to secure those better days for our nation.”

Mr Morrison reflected on his past term in government. He said: “Despite what we have faced, we have remained true to the promise of Australia, and Australia has prevailed.”

Mr Morrison reinforced the Coalition as better economic managers, adding unlike Labor they were not “loose units”.

“We’re not uninformed or reckless on the economy,” he said.

“We know how our economy works. We know how to manage money.”

Mr Morrison said managing government finances well, including through low taxes, would not push up the cost of living and interest rates.

Prime Minister Scott Morrison addressing the cmapaign launch. Picture: Jason Edwards
Prime Minister Scott Morrison addressing the cmapaign launch. Picture: Jason Edwards

He also spoke about the issue of home ownership, saying it will be the largest asset most will ever own and was a source of security in retirement.

He highlighted infrastructure programs his government has invested in across the country, saying he didn’t talk about Western Sydney airport, he was building it, to the applause of the audience.

“We are undertaking transformational investments in regional powerhouses to unlock the wealth of the regions because, as Barnaby says, If you want the stuff on the boat coming in, you got to be putting stuff on the boat going back out,” Mr Morrison said.

In a lighter moment, Mr Morrison turned on his comedic charm after talking about the Coalition’s key policies.

“Now I appreciate your patience today ladies and gentlemen but as you can see, I got a big plan,” he said, promoting party faithful to erupt with laughter.

“I’m seeking a second term because I am just warming up.”

Mr Morrison ratcheted up the khaki election rhetoric, saying was important to “protect ourselves and stand up for those who seek to coerce us”.

“We must continue to harden our defenses and build our… capability and defend our values wherever they are challenged,” he said.

“I can tell you Peter Dutton understands. Building on the world’s most successful border protection regime in the world that stopped the boats once again.”

Mr Dutton, the Coalition’s most senior Queenslander, did not make a speech at the launch.

ABBOTT, HOWARD AT COALITION LAUNCH

The LNP’s candidate for Griffith Olivia Roberts opened the Coalition’s campaign launch, in a speech that sought to frame a Labor government as an unknown quantity.

Ms Roberts is running in the inner-city southside seat for the second time, racking up 41 per cent of the first-preference vote in 2019.

“On the one hand, there’s the Greens who want big new taxes, to abolish the private health rebate and to cut our defence funding by half,” she said.

“At least they’re honest and upfront about the damage they do to our country.

Olivia Roberts at the Liberal campaign launch in Brisbane. Picture: Sky News
Olivia Roberts at the Liberal campaign launch in Brisbane. Picture: Sky News

“On the other hand, we have the Labor Party who want billions of extra spending but won’t tell you how they’ll pay for it.

“Make no mistake, the only way to secure our recovery is to re-elect the Morison government.”

Deputy Prime Minister Barnaby Joyce sledged Labor’s frontbench during the Coalition launch attended by Liberal supporters and former prime ministers Tony Abbott and John Howard.

Mr Joyce pointed to Labor not having a regional health minister, but having one for a republic.

Barnaby Joyce speaks at the Coalition’s campaign launch. Picture: Jason Edwards
Barnaby Joyce speaks at the Coalition’s campaign launch. Picture: Jason Edwards

“They can’t get your blood pressure down, but they will take down a picture of the Queen,” he said.

Mr Joyce gave a croaky introduction where he reinforced the potential damage Labor government policies would have on the regions.

“Our plan in this Coalition is vastly different,” the Nationals leader said, listing pledges the Coalition had made for key projects.

“All this is a government serving the individual spirit, understanding it’s the individual, not the state that provides the wealth and growth of this nation”.

He said Australians were the masters of their own ships and boss of their lives.

The Coalition’s campaign launch in Brisbane was significantly more low-key than Labor’s star-studded set piece in Perth, with a crowd approximately a third of the size.

Former Prime Ministers John Howard and Tony Abbott are in attendance but embattled candidate for Lilley Vivian Lobo does not appear to be there.

Former prime ministers Tony Abbott and John Howard, with Janette Howard in the middle. Picture: Jason Edwards
Former prime ministers Tony Abbott and John Howard, with Janette Howard in the middle. Picture: Jason Edwards
Scott Morrison greets former prime minister John Howard after his speech. Picture: Jason Edwards
Scott Morrison greets former prime minister John Howard after his speech. Picture: Jason Edwards

Treasurer Josh Frydenberg took the stage to raucous applause and a standing ovation, making the quip that he wished he got this reception in his electorate of Kooyong — where the “teal” candidate is on the march.

Mr Frydenberg, in a speech largely geared at painting Opposition Leader Anthony Albanese in a bad light, said now “is not a time” to put all the economic gains the government had secured to risk “a weak Labor leader who over the last 35 days has shown himself to be completely out of his depth”.

“Anthony Albanese says he’s eminently qualified to be Prime Minister because he was acting prime minister … wait for it … for all of 48 hours,” he said.

Josh Frydenberg at the campaign launch in Brisbane. Picture: Jason Edwards
Josh Frydenberg at the campaign launch in Brisbane. Picture: Jason Edwards

“Now I never thought I would ever say it let alone at a liberal party meeting. But thank you Kevin Rudd for making it only 48 hours.”

The speeches were interspersed with Coalition TV ads.

A longer-form ad played before Mr Morrison took to the stage framed the Prime Minister as the man who had acted during the pandemic, and how he quickly kicked into gear to save the nation.

This plays to the idea of Mr Morrison the “fixer”.

ALBO GIVEN ROCK-STAR TREATMENT AT RALLY

Mr Albanese received a rock-star welcome upon his entrance to a Brisbane rally.

Entering to the Gang Gajang classic Sounds of Then, he stopped to shake hands of the party faithful as he made his way to the stage.

“It’s great to be back in Queensland,” he exclaimed. “Some of my best mates are Queenslanders.”

Mr Albanese didn’t shy away from addressing his week off while he recovered from Covid.

Instead, he said, it was proof of the strength of the Labor frontbench.

Opposition Leader Anthony Albanese arrives at the Labor campaign rally in Brisbane Picture: Lisa Maree Williams/Getty
Opposition Leader Anthony Albanese arrives at the Labor campaign rally in Brisbane Picture: Lisa Maree Williams/Getty

“Sometimes – just sometimes – I do feel a little sorry for Scott Morrison, because who’s he got on his team?” Mr Albanese began.

The crowd laughed and some cried “shame” as he rattled off the list of embattled Coalition frontbenchers.

“Peter Dutton. Alan Tudge. Barnaby Joyce,” he continued.

“And then I look at the extraordinary people who will form the next government with me.

“I lead a team with the experience, the intellect, the compassion and the ambition to shape Australia’s future.”

Anthony Albanese enters the Labor rally in Brisbane with partner Jodie Haydon. Picture: Sam Ruttyn
Anthony Albanese enters the Labor rally in Brisbane with partner Jodie Haydon. Picture: Sam Ruttyn

Mr Albanese said Australians had “worked out” Mr Morrison and were ready for change.

“Friends, Scott Morrison has said Australians know him,” Mr Albanese said. “He’s not wrong about that. I reckon people know all about Scott Morrison.

“They know he never steps up, never takes responsibility. He will always go missing when the going gets tough.”

Mr Albanese attacked Mr Morrison for saying “it’s better the devil you know,” only to later promise he would change his own leadership style.

“This week even Scott Morrison is distancing himself from Scott Morrison,” he said. “He will say anything and do anything to get through.”

Labor leader Anthony Albanese at the Brisbane rally. Picture: Sam Ruttyn
Labor leader Anthony Albanese at the Brisbane rally. Picture: Sam Ruttyn

Mr Albanese said unlike Mr Morrison he was a “builder”.

“Whether it’s building roads or building relationships, building rail links or building connections, building a better future has always been my goal, and it’s what this campaign is all about,” he said.

Formr prime minister Kevin Rudd speaks to the Labor party faithful. Picture: Sam Ruttyn
Formr prime minister Kevin Rudd speaks to the Labor party faithful. Picture: Sam Ruttyn

Mr Albanese said under Labor Australians would have cheaper childcare, it would be easier and cheaper to see a doctor and aged care would be improved.

“A future where we seize the opportunity that comes with tackling climate change and where we use cheap, renewable energy to power new industries and advanced manufacturing, and create good jobs,” he said.

“Where we then train more Australians for those jobs by making investments in fee-free TAFE and university places.”

Mr Albanese said Labor would have a “real plan to mitigate the ever-intensifying natural disasters”.

“This weekend, I know a lot of people are nervously keeping an eye on the Brisbane River,” he said.

“It feels almost unbelievable that we could be doing this again, just a matter of weeks after the last time.

QLD Premier Annastacia Palaszczuk speaks to the Labor party faithful. Picture: Sam Ruttyn
QLD Premier Annastacia Palaszczuk speaks to the Labor party faithful. Picture: Sam Ruttyn

“People watching in apprehension. People trying to cope. People who haven’t even recovered from last time bracing for another round. We can do better. And we will do better.”

The Labor leader’s speech soon turned to Barnaby Joyce, who he called a “lead weight’ dragging down the Coalition.

Speaking about the need for greater climate action, Mr Albanese said as long as Mr Joyce remained, the government wouldn’t “budge”.

“The problem is they can’t wake up. They can’t even budge, because they are lumbered with the lead weight that is Barnaby Joyce,” he said.

The crowd laughed along as Mr Albanese continued his assessment of Mr Joyce.

“They tried him out as Deputy Prime Minister once, saw what that was like, and got rid of him.

“And then they decided to try him again. Talk about the sequel nobody asked for.”

“Boot them out!” an older lady bellowed from the front row.

MASS PROTEST OUTSIDE COALITION LAUNCH

Queensland unions, workers and climate activists protested outside the doors of the Brisbane convention centre, where the Coalition campaign launch is being held.

Protesters waved signs featuring Mr Morrison’s face with the words “don’t let him fail us again” and another that says “the LNP lies”.

Tens of attendees wore T-shirts saying “set fire to labour hire, same job same pay”, while one was wearing a Scott Morrison bobblehead and a Hawaiian shirt.

A man with a microphone raised concerns about workforce casualisation, poor wages and conditions.

“Shame,” the group yelled.

Protesters outside the Coalition\s campaign launch on Sunday at the Brisbane Convention and Exhibition Centre. Picture: Jason Edwards
Protesters outside the Coalition\s campaign launch on Sunday at the Brisbane Convention and Exhibition Centre. Picture: Jason Edwards
Protesters gather outside the Coalition’s campaign launch on Sunday at the Brisbane Convention and Exhibition Centre. Picture: Jason Edwards
Protesters gather outside the Coalition’s campaign launch on Sunday at the Brisbane Convention and Exhibition Centre. Picture: Jason Edwards
A protester holds a placard outside the Liberal Party election campaign launch in Brisbane. Picture: Asanka Ratnayake/Getty
A protester holds a placard outside the Liberal Party election campaign launch in Brisbane. Picture: Asanka Ratnayake/Getty

‘KEVIN 07’ RUDD OPENS ALBO’S RALLY

Former prime minister Kevin Rudd has addressed a Labor rally, just as the Coalition prepare for its campaign launch at the same time in Brisbane.

As protesters descend on the Coalition launch across the river, the Labor faithful has gathered on the banks of the Brisbane River for their own rally.

Following a Welcome to Country, Mr Rudd received a standing ovation from the crowd as he stepped up to the mic and the announcement it was “Kevin 07 himself”.

Kevin Rudd addresses the Labor faithful at the Brisbane rally. Picture: Sky News
Kevin Rudd addresses the Labor faithful at the Brisbane rally. Picture: Sky News

Mr Rudd, who has been on the ground campaigning across the country, said he felt Australians were “fed up to the back of their teeth” by the Coalition.

“You can feel it across this nation our ours. There is a mood for change,” he told the crowd.

Mr Rudd repeatedly refused to refer to the Prime Minister by name, instead referring to him as “Scotty from Marketing”

He noted “pigs will fly” before Mr Morrison changes his spots after his concession earlier this week he needed to change the way he did things going forward.

‘Think about what Australia could be, what it can be, what sort of future we can build together,” Mr Rudd said.

He said unlike Mr Morrison, the Labor leader was “the real deal” who could work with the states to build the nation.

Treasury spokesperson Jim Chalmers also dismissed Mr Morrison’s promise to change, questioning how he only just clicked he was the issue.

“Scott Morrison started the campaign telling Australians they know who he is,” Dr Chalmers said.

“It’s only just dawned on him that that’s the problem.”

ALBO ‘COPYING US’, SAYS TREASURER

Treasurer John Frydenberg has attacked Mr Albanese after he vowed to match another Coalition campaign promise, saying it showed he was unable to have “an idea of his own”.

Labor on Sunday said it would match Scott Morrison’s plan to encourage older Australians to downsize their home.

The scheme would lower the age threshold for superannuation contributions from property sales to 55.

Speaking on ABC’s Insiders, Mr Albanese called the plan “practical”.

“This is a modest announcement to extend a downsizing program, and we’ve supported that program up to now,” he said.

Josh Frydenberg on Insiders.
Josh Frydenberg on Insiders.

“But we support a comprehensive plan on housing. We need more investment in public and social housing through our Housing Australia Future Fund.

“This suggestion by the government is a practical one. We will support it.”

The decision whipped up frustration from the Treasurer who got stuck into the Labor leader for being a copy cat.

“He copied us on deeming rates, supporting people with diabetes, changes around the concession cards for seniors, copied us on PBS co-contributions coming down, now he’s copying us on this,” Mr Frydenberg told the ABC.

“This guy doesn’t have an idea of his own.”

PM’S $300K CASH BONUS FOR EMPTY NESTERS

Empty nesters will be offered bonuses to lure them out of their homes to ease Australia’s housing crisis.

Up to 1.3 million homeowners will have access to the scheme which Mr Morrison unveiled at the Liberal Party’s campaign launch as the run to the May 21 polls enters the home stretch.

It will be just one part of a major housing package to be delivered should the Coalition be returned to office.

Under the plan, the age of which Australians are able to downsize their property and invest up to $300,000 per person from the proceeds of the sale into their superannuation fund outside of the existing contribution caps, will be lowered from 65 to 55 years.

Pensioners who downsize will also be given a two year grace period before the proceeds of the sale of the property are subjected to asset testing for the pension. This will give them time to get their finances in order while still receiving the pension.

Mr Morrison said a re-elected Coalition government would help support the aspirations of Australians and families wanting to get into a home.

“We are now giving Australians more choice to decide how they want to live the next stage of their life by removing financial barriers for people wanting to downsize their home,” Mr Morrison told News Corp.

Mr Morrison says the plan aims to free up larger homes for younger families Pic, Sam Ruttyn
Mr Morrison says the plan aims to free up larger homes for younger families Pic, Sam Ruttyn

“By removing barriers for Australians downsizing to residences that better suit their needs and lifestyle, we are helping to free up larger homes for younger families.

“Buying your first home is never easy and that’s why we have been focused on helping more than 300,000 people realise the great Australian dream of owning a home. I want help more and more young families right across Australia to move into their own home and support their aspiration,” he said.

Changes to allow Australians over the age of 55 to sell and downsize their home and contribute $300,000 into their superannuation fund will begin July 1 this year should the Coalition be returned to office.

Under the existing system, the benefit is only available to Australians over the age of 65.

Doubling the time pensioners have to structure their assets following a sale of their family home, without impacting their pension, would begin on January 1, 2023.

Under the existing system, pensioners only receive a honeymoon period of one year.

Prime Minister Scott Morrison has a new housing policy. Picture: Jason Edwards
Prime Minister Scott Morrison has a new housing policy. Picture: Jason Edwards

LABOR TO BACK PM’S HOUSING POLICY

Labor will support the government’s latest housing pitch, but said Australians deserve a government who will do more to fix the housing crisis.

Senator Murray Watt, speaking to Sky News on Sunday morning, said as Mr Albanese has routinely said, “when there’s a good idea, we’ll support it”.

“We’ll support this one,” Senator Watt said. “We think this is a good idea worth taking on.

“But the reality is that just one announcement from the government after nearly a decade in office is not going to fix the housing crisis that we see in Australia.

“It’s a real shame that it’s taken nearly a decade in office before the government is starting to put forward policies like this to address the housing … crisis that we have.”

Earlier, Assistant Treasurer and Housing Minister Michael Sukkar spruiked the program, saying it would “remove barriers” for empty nesters to downsize.

Murray Watt says Labor will back the PM’s plan for housing. Picture: Sky News
Murray Watt says Labor will back the PM’s plan for housing. Picture: Sky News
Michael Sukkar speaks about the housing policy. Picture: Sky News
Michael Sukkar speaks about the housing policy. Picture: Sky News

“We know it works. We know it’s freeing up more housing stock,” Mr Sukkar told Sky News.

“We know this will mean more than a million extra Australians will be eligible.”

When pressed on why his party had left it until six days before polling day to host their campaign launch and announce the major policy, Mr Sukkar said it was “not new” for campaign launches to happen so late in the campaign.

“I don’t think it’s odd,” Mr Sukkar said.

Mr Albanese used the Labor campaign launch on May 1 to announce his “Help to Buy” scheme which would allow 10,000 low-income earners to buy a property with the government taking out a 40 per cent stake.

That scheme has come under criticism as it was revealed those who take part could be financially worse off if they started earning more than $90,000 as single person or $120,000 as couple.

In a 2015 Productivity Commission report, a survey of Australians over 60 and found a smaller property with less upkeep was the motivation for selling for more than 70 per cent respondents.

The cost of housing and soaring rents has been a major issue across Australia. Picture, Sam Ruttyn
The cost of housing and soaring rents has been a major issue across Australia. Picture, Sam Ruttyn

More than·50 per cent said they wanted to move to a more suitable property, while 28 per cent wanted to free up money from the sale.

Since turning 50, just under 20 per cent of homeowners had already sold their property to buy a less expensive one.

While the age at which people can put up to $300,000 per person into their super was dropping to 60 years from July 1 this year, the Coalition calculates lowering it further by another five years would free up to another 1.3 million households.

Nationally, there are around 1.9 million age pensioners who are also homeowners.

Under this commitment, principal home sale proceeds will be deemed at the lower deeming rate for the period the proceeds are exempt from the assets test.

That is the deeming rate used to determine the income earned from the proceeds of the sale that is put into the bank or other financial investments will be 0.25 per cent.

ALBO’S MINIMUM WAGE PUSH

Mr Albanese is focusing his attention on lifting the minimum wage, and won’t commit to extending that to the public service.

The Opposition Leader will make a submission to the Fair Work Commission to lift the minimum wage – which is currently $20.33 an hour – by 5.1 per cent to keep up with inflation and keep Australians from “moving backwards”.

But Mr Albanese won’t intervene for a wage rise for the public service.

“We’ve made (it) very clear … we need to revitalise the public service,” Mr Albanese told ABC’s Insiders program.

“We are not arguing for a wage rise for people on minimum wage rates, we are arguing (that) they shouldn’t go backwards. We will negotiate as part of a bargaining process.

“A real wage isn’t about … it means they are going forwards.

“People should be lifted up.”

Anthony Albanese on Insiders. Picture: ABC
Anthony Albanese on Insiders. Picture: ABC

Mr Albanese used his appearance on Insiders to back in the government’s plan to incentivise empty nesters.

“This is a modest announcement to extend a downsizing program we’ve supported that … up to now,” Mr Albanese said.

“But we support a comprehensive plan on housing … This suggestion by the government is a practical one, we will support it … but we will have much more to offer the Australian people next Saturday.”

Mr Albanese also faced questioning over his party’s costings, which have yet to be released despite the election being just six days away.

Host David Speers put it to Mr Albanese whether or not he could “handle” more debt.

“We need to be fiscally responsible, which is why we’ve been very careful about our commitments,” Mr Albanese said.

“Debt is a product of inputs and outputs … We’re saying our investments are boosting the inputs, making sure we put downward pressure on debt, making sure we’re fiscally responsible.”

Mr Albanese said he would task the departments of treasury and finance to “go through line by line” and get rid of “the waste and the rorts that are riddled through this budget”.

Josh Frydenberg banners before they were taken off a building in Kooyong. Picture: Sky News
Josh Frydenberg banners before they were taken off a building in Kooyong. Picture: Sky News
Josh Frydenberg banners taken off. Picture: Sky News
Josh Frydenberg banners taken off. Picture: Sky News

FRYDENBERG’S POSTERS REMOVED; RYAN’S MURAL DEFACED

Josh Frydenberg has been forced to pull down posters from shopfronts in his electorate after it emerged he did not have permission to display them.

Mr Frydenberg, who is in the fight of his political life in the blue-ribbon seat of Kooyong as he fends off ‘teal’ independent Monique Ryan, has painted the suburbs Liberal blue.

Monique Ryan mural that was painted over. Picture: Sky News
Monique Ryan mural that was painted over. Picture: Sky News

But Mr Frydenberg’s camp was forced to pull down one wrap because they did not have the building manager’s permission.

It comes after a mural painted in support of Dr Ryan was painted over.

Mr Frydenberg has been contacted for comment.

LABOR VOWS $1BN FOR AUSSIE MANUFACTURERS

Businesses would be given a financial boost to upgrade their equipment under an ambitious $1 billion cash splash from Labor aimed at making Australia a global leader in advanced manufacturing.

Opposition Leader Anthony Albanese will on Sunday unveil plans to establish an advanced manufacturing fund, declaring he wants to help Australia stand on its “own two feet”.

The $1 billion plan, which would fall under Labor’s proposed $15 billion National Reconstruction Fund, would give businesses access to capital to diversify their operations and boost their research and development.

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BILLIONS BEING SPENT – IN THE WRONG PLACE

Eight in 10 Australians view mental health as an important guide to their election vote but election promises don’t go near enough to solving the crisis, a peak group warns.

Nearly one in three voters say they would consider changing their vote if a political party produced a comprehensive and actionable mental health vision and investment plan.

Mental Health Australia (MHA), the peak body representing mental health organisations across the country, commissioned the IPSOS survey of 1000 Australians to find out how important the issue was to voters.

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‘MORE ENERGY’: WONG VOWS SHAKE-UP IN ASIA

Labor’s foreign affairs spokeswoman Penny Wong has indicated she will visit the Solomon Islands within the first six months of an Albanese Government.

The South Australian Senator, who will likely become foreign minister should Labor win on May 21, also wouldn’t rule out installing a former Labor politician into the vacant High Commissioner role in the UK.

When asked on Saturday if she would visit the Solomon Islands within the first three or six months of an Albanese government, Senator Wong said: “I would have hoped much earlier than those time frames”.

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Original URL: https://www.dailytelegraph.com.au/news/national/federal-election/federal-election-2022-live-300k-bonus-for-empty-nesters-to-free-up-housing/news-story/8b918f5531d90b03c4f8b12fa7e8b633