The Prime Minister and Opposition Leader have used their campaign launches to appeal to voters by presenting two different visions and policies aimed at addressing the house affordability crisis. In a controversial and historic change to the tax system, Peter Dutton and the Coalition are promising to let first home buyers deduct interest paid to their mortgages from their income tax. As that policy was being unveiled the Prime Minister Anthony Albanese pledged that a re-elected Labor government would allow all first home buyers to purchase with just a 5% deposit. There are also promises of hip-pocket relief, from both parties with new pledges worth thousands to come taxpayers.
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00:00No tilt at the three years ahead comes without a gesture to the past.
00:07A solitary former Labor Prime Minister among the hand-felt welcomes in the West,
00:13a trio of Liberal leaders turned out in the East.
00:17In Sydney, they pondered a question.
00:19Do you feel better off after three years of Anthony Albanese?
00:22No!
00:23In Perth, they considered a pitch.
00:26We are asking for the opportunity to keep building, to reward your hard work.
00:33All a prelude to a day dedicated to addressing dwindling dreams on the home front.
00:39I will be a Prime Minister who restores the dream of home ownership.
00:44Labor stands up for Australian values and we're backing the great Australian dream.
00:49You'll be able to buy your first home with just a 5% deposit.
00:56It would allow every first home buyer to need only a 5% deposit, avoiding mortgage insurance.
01:04It wouldn't be means tested, but there would be a limit to the property price,
01:08depending where you want to buy.
01:10The second, a $10 billion set of grants, loans and equity ownership stakes
01:16to build 100,000 new homes reserved only for first timers.
01:21From the Coalition, a tax break.
01:23Its promising interest on mortgage repayments could be deducted from the annual tax bill
01:28of first home buyers.
01:29It would be restricted to new homes only and means tested.
01:34To get it, singles must earn less than $175,000 or a couple $250,000.
01:41The cost to all other taxpayers comes to $1.25 billion over four years.
01:47The benefit for a couple on average incomes?
01:50They will benefit about $11,000 a year over the five years, so in that case about $55,000.
01:56When Australians have heard me say that I want to be the Prime Minister for home ownership,
02:00for home affordability, for home accessibility, I mean it.
02:03Peter Dutton threw in an extra sweetener, a tax offset for those earning less than $144,000.
02:10These tax cuts will save families with two incomes as much as $2,400.
02:16Then, after an almost hour long address, he brought the slogan home too.
02:21Let's make sure that we can get this great country that we love back on track.
02:26Thank you so much.
02:29His task is monumental, and for almost a century unachievable, to defeat a first-term government.
02:36Peter Dutton needed a cut-through moment to propel his campaign.
02:41His housing gambit is arguably his biggest shot in three years.
02:46It now has only three weeks to work.
02:49This card is green and gold for a reason.
02:57As incumbents drilled in the familiar, Anthony Albanese did pull out one more surprise,
03:02a $1,000, no questions asked, tax write-off for up to six million people.
03:08Just tick the box, and your return's ready to go.
03:13Return being exactly what he has in mind.
03:16Every one of us, building Australia's future together.
03:20On the path to the 3rd of May.