Reader ask: What’s the long term plan to boost housing affordability?
Home ownership has become the impossible dream for many younger Australians who also struggle to find a place to rent. We asked the Finance Minister what Labor plans to do about it on behalf of a reader. WATCH THE RESPONSE
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With the housing affordability crisis being one of the key issues during the federal election campaign, many people want to know what Labor and the LNP promise to do about it.
Sean from Canberra’s question was the question of the day chosen by our readers to put to the leaders.
He asked: “What is your long-term plan, beyond a political term, to improve housing affordability for young Australians?”
On their second day on the hustings in Canberra, Finance Minister Katy Gallagher answered the question by pointing to the government’s signature Housing Australia Future Fund which was first introduced in 2023, designed to help build the aspirational number of 1.2 million homes by June 2029.
She also referenced the $800 million expansion of the help to buy scheme, in which the government financially contributes 30 per cent of the home loan for an established property and 40 per cent for a new build.
The government’s housing policies have faced criticism for not addressing feasibility issues such as the costs of construction, land and finance hampering new builds.
“We’ve got the building Australia future fund which is building lots of different types of housing, building more supply with the states and territories,” Ms Gallagher said.
“Then we’ve just, in this budget, introduced the help to buy scheme and changed the threshold so more people can get into that. Which really means the government helps you with your deposit to get into the housing market.
“There is more that we’re doing but it is a long term plan – housing is a long term problem and it needs long term solutions.”
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Originally published as Reader ask: What’s the long term plan to boost housing affordability?
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