Anthony Albanese reveals start date of new plan to help 40k Aussies into homes

The Prime Minister has indicated the start date of a plan to help 40k Aussies into homes could be sooner than expected.

A scheme that could help potential homebuyers purchase a property with a little as two per cent deposit will go live from next year, Anthony Albanese has declared.

The Prime Minister unveiled the plan at the Labor national conference in Brisbane on Thursday, recommitting his government to the Help to Buy promise he made at the last election.

“(Australians) have worked hard and saved up. They have made sacrifices, but a deposit for a home is still out of reach,” Mr Albanese told delegates.

“What government will do is step up and put in our share … We are the party of the great Australian dream.”

Mr Albanese said the plan would help 40k Aussies get into homes. Picture: Dan Peled / NCA NewsWire

Under the scheme, the government would provide an equity contribution to 40,000 low and middle income families of up to 40 per cent for new homes and 30 per cent for existing homes over four years.

“This is a critical element of our government’s broad and ambitious housing agenda to help address Australia’s housing challenges,” he said.

The announcement comes a day after Mr Albanese met with his state and territory counterparts at national cabinet, where first ministers agreed to a new national target to build 1.2 million well-located homes over five years.

Leaders also agreed to fast-track legislation so the program could be rolled out in the first half of 2024.

Labor allocated $325m over four years to establish the program in the October 2022 budget but did not confirm if that was still the case on Thursday.

“We’ll keep delivering to ensure more Australians have a safe and affordable place to call home,” Mr Albanese said. 

The scheme is set to start from 2024. Picture: Unsplash

The Prime Minister was welcomed to the stage by a rapt applause, shaking hands of delegates and Labor luminaries on his way to the podium.

After using GANGgajang’s Songs of Then (better known as This is Australia) during last year’s election campaign, Mr Albanese elected to make his entrance to a generic musical interlude.

Mr Albanese recommitted Labor to addressing the cost-of-living crisis as the “number one priority”, rattling off a laundry list of the government’s relief over the past 15 months.

“We assist with the cost-of-living because of the value that we hold in our hearts. Labor wants to ensure that nobody is left behind. It is what we do and part of our character.”

Mr Albanese shakes hands with the Treasurer as he made his way to the podium. Picture: Dan Peled / NCA NewsWire

During his stump speech, the Prime Minister resurrected an election campaign staple, proudly holding up a $1 coin a call back to promise to “absolutely’ support an increase to the minimum wage during the campaign.

“Remember the dollar coin?” he asked.

“The Liberals said … they said the sky would fall in. But when I was asked if I supported the pay rise for the lowest paid workers in Australia, the heroes who had seen us through the pandemic What did I say?

“Absolutely.”

Mr Albanese fished the dollar coin out at every opportunity. Picture: NCA NewsWire / Gary Ramage

It is the first national conference in more than a decade where Labor has been in power, upping the stakes on debates over housing, tax reform and the AUKUS security pact.

The conference is also being held in person for the first time in five years after the pandemic forced the triennial event online.

Former treasurer, now ALP national President, Wayne Swan used his welcoming speech to stress the significance of the conference.

He said it was in stark contrast to the Greens who “conduct this in secret”.

“The debate is always willing, the rhetoric can be fierce and tempers can run hot. But the really healthy thing … is that that’s a sign of our party’s life and confidence and strength,” he said.

Mr Swan said that after being in opposition for nearly a decade the 2000 delegates in attendance should “savour this moment” and “never forget who we are”.

The Prime Minister urged delegates to plan for the long-term. Picture: Dan Peled / NCA NewsWire

“The responsibility for reform always falls to Labor … we welcome that. We can embrace the chance to put in place the big building blocks of economic and social reform.”

Mr Albanese told delegates the next 18 months would be critical to the party as it plans for “progress over the next decade and a platform for victory in 2025”.

“Each of us understands that winning and holding government is not only true to our principles, it is essential to fulfilling them,” the Prime Minister said.

“We know the world of difference between Opposition and Government. Equally we know what we have begun can be undone, unless we are there to protect it.”

Originally published as Anthony Albanese reveals start date of new plan to help 40k Aussies into homes