‘Crazy brave’: CLP puts $50k housing pledge at centre of its election budget

For Wanguri couple Renuka and Ramesh, the CLP’s promise of $50k to build a home is a game changer. Here’s why the Opposition is making housing the centrepiece of its plan for the NT.

Renuka Yelam, Ramesh Kambala, and their 3-year-old son Kushal said the CLP $50k HomeGrown Territory grant would make a big difference in their dream to buy a home in Darwin. Picture: Fia Walsh.

Wanguri couple Renuka Yelam and Ramesh Kambala say a bold election commitment by the CLP to fund the country’s largest homeownership grant would help them realise their dream of making the Territory their ‘forever home’.

The pledge to offer $50,000 to first home builders in the Territory was the centrepiece policy announced by Opposition Leader Lia Finocchiaro when she delivered her budget reply speech in parliament on Wednesday.

Mr Kambala, a 36-year-old production supervisor, said Darwin now felt like home, but the family had struggled to save a deposit over 11 years renting in the Top End.

“Fifty thousand would really help us to build our dream house and settle in Darwin,” he said.

“It’s feel a bit sad for us repaying others’ mortgages, instead of paying our mortgage.”

Ms Yelam said the daily cost of living made it hard to get ahead.

“Simple things like groceries and stuff – we can’t stop buying them, that’s our day to day life needs,” the 27-year-old said.

Opposition Leader Lia Finocchiaro and Shadow Treasurer Bill Yan announcing their HomeGrown Territory policy. Ramesh Kambala, Renuka Yelam, and their 3-year-old son Kushal said the $50k grant would make a big difference in their dream to buy a home in Darwin. Picture: Fia Walsh.

Shadow Treasurer Bill Yan said the $20m commitment to double first homebuyer builds was key to growing the Territory population and economy.

“This is the shot in the arm our economy needs to get off life-support,” he said.

“Under eight years of Labor, building approvals have declined by 65 per cent to all time record lows of 580 last financial year, while the NT’s home ownership rate is also the lowest in the nation.

“The new HomeGrown Territory Program will put the Territory ahead of the pack when it comes to attracting more people to the Territory and keeping Territorians here.”

As part of the policy, the CLP also proposed to introduce a new grant of $10,000 for first home buyers to purchase established homes and in an Australian-first, will provide a new $30,000 grant to everyday Australians to build a new home in the Territory.

Leader of the Opposition Lia Finocchiaro, flanked by Braitling MLA Josh Burgoyne and Shadow Treasurer Bill Yan. Picture: Pema Tamang Pakhrin

Ms Finocchiaro’s budget speech laid out her party’s most comprehensive policy platform to date: promising to bring down crime, grow the economy and population, and “unashamedly pursue” mining, gas, defence, tourism and agriculture.

Much of the CLP’s plan returned to law and order, Ms Finocchiaro arguing that improving community safety would open up the NT to tourism and industry, improve health and education outcomes, and encourage people to put down roots.

“The battle lines for the August election have been drawn, Mr Speaker, with yesterday’s budget showing that Labor has all the wrong priorities, and no actual plan,” she said.

“We will change the game. Labor has called the CLP’s critical tax and cost of living relief ‘ridiculous and silly’ – the only thing silly, Mr Speaker, is to keep doing the same thing and expect a different outcome. That’s not common sense.

“The Territory is in crisis and to rebuild, we need a crisis response.

“To get the Territory’s economy moving forward it must strive to be the most competitive place in the country to live, work and invest.”

Professor Rolf Gerritsen.

Master Builders NT backed the CLP home ownership policy, saying it would deliver “very positive outcomes” if implemented.

“These grants would help counter negative sentiment about the Territory as a place to invest, stimulate demand for home building, drive economic growth and help make the Territory competitive against other jurisdictions as place of opportunity,” chief executive Ben Carter said.

“Master Builders NT has called for a nation-leading suite of home building grants because we are not dealing with a normal cyclic downturn in residential building, we are dealing with what is forecast to be among the worst years on record for new home building.”

Academic and former economic policy director in the Department of Chief Minister, Rolf Gerritsen, labelled the housing gambit “crazy brave” – awarding it five stars for political points but just one and a half stars for economic impact.

“It’s a very attractive policy politically, but what I worry about is it going to be for one year or, 10 years – has anybody costed what the likely impact is going to be?,” Professor Gerritsen said.

“Could a buyer with $250,000 to invest, which wouldn’t buy a one-bedroom flat in Sydney, buy in the Territory with a $50,000 grant, build a house in Darwin and negative gear?”

Originally published as ‘Crazy brave’: CLP puts $50k housing pledge at centre of its election budget