Labor pledges 5% deposits without LMI for first-time home buyers

ABC NEWS (Australia)

The Prime Minister is campaigning in South Australia today, hoping to use the Labor’s housing pitch to build momentum for the final stretch of his campaign.

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00:00Brick by brick, Labor is laying the foundations for a new generation of homeowners, promising

00:07to build 100,000 new homes for Australians hoping to get on the property ladder.

00:12Out on the hustings in Adelaide on the third week of the election campaign, Federal Labor

00:16is pointing to a similar scheme here in South Australia that they say is helping free up

00:21homes in an under pressure housing market. Campaigning alongside popular SA Premier Peter

00:27Naskus, Anthony Albanese made his pitch to Gen Z and Millennial voters who have been locked

00:32out of the property market, declaring his policies will boost housing supply.

00:36Under Labor there will be more homes and smaller deposits. Under Peter Dutton there will be fewer

00:43homes and higher prices. That's the difference between the two policies that were announced

00:49yesterday. Two policies, only one of which addresses supply. You need to address supply

00:56of housing if you're going to deal with prices and if you are going to deal with the fallout

01:03that's been there from years of neglect.

01:05The Prime Minister defended criticism from economists who argue the policy could add more

01:09fuel to a property market already running red hot. He also responded to delays to new

01:14builds completed under his government's build to rent scheme.

01:17We are without question the boldest and most ambitious Australian government on housing that

01:22we have had in this country since the Second World War.

01:25The Labor brand is strong in South Australia and Mr Albanese's mission here is to retain

01:29the key seat of Ruth B. It won off the coalition in 2022 and expand his party's red wall by turning

01:35the Liberal stronghold of Sturt from blue to red.

01:38The Prime Minister also made a quick stop to Mama's Kachina in Adelaide where he tapped into

01:43Italian roots with a $95,000 announcement to support a local non-for-profit that provides

01:48home-cooked meals to the elderly and people with disabilities. The location of this press

01:53stop though, no accident. It's in the ultra-marginal seat of Sturt that Labor is pretty confident

01:58it can turn from a coalition stronghold into a Labor seat.

02:02A week out before early polling begins, Labor is really trying to cement its policy message

02:08on housing. The political equation is pretty clear here. By giving Australians more of an

02:13opportunity to buy a house to get a roof over their head, they'll hopefully retain the keys to the lodge.

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