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The budget in reply has been announced, with the Coalition placing an emphasis on home ownership and small business success.
In the statement from Opposition Leader Peter Dutton, helping ease the housing crisis, the Coalition said it will cut migration intake to free up property.
If elected, the Dutton government will cut the permanent migration program by 25 per cent.
Following Labor’s suit, it will also ban foreign investors and temporary residents from purchasing existing Australian homes for a period of two years.
Further, there will be stricter caps on foreign students to relieve stress on rental markets.
The superannuation changes will also come into effect, allowing first home buyers to access up to $50,000 of their super for a home deposit.
In regard to new home development, Dutton aims to invest $5 billion in essential infrastructure to create 500,000 new homes.
To help support this construction, there has been a target set for the training of 400,000 apprentices and trainees across Australia.
This will see an incentive to hire apprentices in the form of $12,000 for SMEs, with a particular focus on the construction sector.
For businesses, the instant asset write-off increases from the current $1,000 will be lifted to $30,000.
The previously discussed $20,000 entertainment/meal-related expenses write-off will also be included.
“It creates jobs – and supports the struggling hospitality sector,” said Dutton.
Aiming to reduce energy bills for families and businesses, the Coalition has announced the National Gas Plan.
According to Dutton, this will save home owners, renters, farmers, business owners, and manufacturers.
The plan will “prioritise domestic gas supply.”
“I want businesses to be able to hire more staff – not to be putting more money aside to pay ever increasing power bills,” said Dutton.
“This plan will prioritise domestic gas supply, address shortfalls, and reduce energy prices for Australians.”
The problem with super
As previously discussed by Broker Daily, there are concerns that the superannuation policy could stand to disadvantage young Aussies.
Some have said that allowing access to super would only benefit those who already have the means to borrow.
Those who aren’t able to afford a deposit would likely not have enough in their super to use for a deposit.
There are further concerns that it would affect the property market, with some estimates saying property prices would be pushed up.
Research from the University of South Australia said that house prices would rise by 7.4–10.3 per cent.
May election
Prime Minister Anthony Albanese has set a date for the federal election.
“My fellow Australians, this morning, I visited the governor-general, and Her Excellency has accepted my advice that an election be held on Saturday, 3 May 2025,” said Albanese.
“Now on May 3, you choose the way forward. Your vote has never been more important. And your choice has never been more clear.”
[Related: Allowing access to super for house deposits could disadvantage young Aussies]
