Peter Dutton, the Leader of the Opposition, has announced a series of ambitious plans aimed at tackling the housing crisis for young Australians. Campaigning in the Melbourne electorate of McEwen, he asserted his commitment to revitalising home ownership, which he claims has become increasingly unattainable for younger generations.
Among his proposals is the intention to reduce the number of international students, facilitate early access to superannuation for first-time home buyers, and prohibit foreign investment in the housing market. Dutton believes that these measures are essential to “restore the dream of home ownership” for young people in Australia.
In a concrete commitment to address the housing shortage, Dutton has pledged a substantial investment of $5 billion to construct 500,000 new homes, a move he believes will significantly alleviate the current crisis. He emphasised that without immediate action, young Australians would continue to face hurdles in acquiring their own homes.
Dutton stated, “The dream of home ownership has been lost by young Australians,” highlighting the urgent need for solutions that would empower them. One of his key strategies is allowing first home buyers to access up to $50,000 from their superannuation to assist with their house deposits, helping them enter the property market more easily. He explained that this measure would improve their financial situation as property values rise over time, with the intent of restoring any withdrawn funds back into their superannuation upon selling their home, thereby aiding their retirement savings.
Additionally, Dutton has targeted the construction sector, stating that a Coalition government would seek to deregister the CFMEU (Construction, Forestry, Maritime, Mining and Energy Union). He accused the union of contributing to inflated construction costs, which he believes are barriers to affordable housing.
Dutton expressed a personal commitment to becoming a Prime Minister who prioritises home ownership for the next generation, aiming to enhance both affordability and accessibility in the housing sector. He commented, “I want to be the prime minister that restores the dream of home ownership, that has first and foremost in my mind, how can we help young Australians with affordability and accessibility to housing.”
Through these proposed measures, Dutton aims to reshape policies to benefit aspiring homeowners and address the pressing issue of housing affordability in Australia.