As the federal election campaign heats up, both major parties, Labor and the Coalition, are actively promoting diverse policies to sway voters, highlighting the contrasts with the previous 2022 campaign which saw fewer distinctions between party platforms.
Key promises from Labor include facilitating home ownership for first-time buyers by allowing deposits as low as 5% without worrying about lenders mortgage insurance (LMI). They have also pledged $10 billion for constructing 100,000 homes solely for first-time buyers, and they echo the Coalition’s commitment to halting foreign investors from acquiring existing homes for two years. Furthermore, Labor proposes enabling individuals to withdraw up to $50,000 from superannuation for home deposits and has earmarked $5 billion to expedite crucial infrastructure projects, with an aim to support half a million new homes.
On the contrary, the Coalition aims to scrap Labor’s Housing Australia Future Fund and reduce migration by 25%, while also imposing a foreign investment ban.
In terms of tax and cost of living, both parties have made contrasting claims. Labor has announced modest tax cuts starting at $5 weekly, set to double the following year, alongside a temporary $1200 tax offset for low to mid-income earners making under $144,000 for the 2025-26 fiscal year. The party plans to expand renewable energy sources to achieve 82% of the grid by 2030 while maintaining existing emissions reduction targets without committing to a 2035 goal.
The Coalition’s energy strategy revolves around constructing seven nuclear reactors, expected to be operational in the 2040s at an estimated cost of $331 billion. They also plan to increase gas production to meet immediate energy demands as coal plants are phased out. Emissions targets have not been set by the Coalition, although they affirm a commitment to net-zero by 2050.
Healthcare remains central to Labor’s campaign, promising significant investments into Medicare, including an expansion of urgent care clinics and mental health facility funding. The Coalition’s health commitments largely align with Labor’s, promising to uphold Medicare funding and enhance mental health services.
Education initiatives from Labor will continue to include fee-free TAFE places, while the Coalition aims to create 400,000 apprenticeships and traineeships. Both parties have put forward different workforce policies, with Labor planning to abolish non-compete clauses for lower-paid workers, whereas the Coalition proposes a reduction in the public service workforce.
As the election approaches, the disparity in policies between Labor and the Coalition becomes increasingly clear, setting the stage for a competitive race.