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In the Liberal Party’s reply addressing the Albanese government’s Budget 2024–25, Opposition Leader Peter Dutton announced several measures that a Coalition government would implement to meet the “housing crisis head-on”.
The first of the measures would see the Coalition government “rebalancing the migration program” that would free up almost 40,000 homes during the first year, and “well over 100,000 homes in the next five years”.
Dutton stated the Coalition would implement a two-year ban on foreign investors and temporary residents purchasing existing homes in Australia.
However, during a debate on Channel Nine’s Today Show on Friday morning (17 May), Labor government Services Minister Bill Shorten challenged Dutton’s claim of 40,000 homes being freed up by this measure.
According to Minister Shorten, the actual number of foreign investors buying Australian property was “less than 5,000” in over two years.
The second measure would see a permanent reduction of 25 per cent in the migration program, lowering the number of migrants entering Australia from 185,000 to 140,000 for the first two years.
“The program will then increase to 150,000 in year three and 160,000 in year four,” Dutton added.
“We will ensure there are enough skilled and temporary skilled visas for those with building and construction skills to support our local tradies to build the homes we need.”
Thirdly, the Coalition would reduce “excessive numbers” of foreign students studying in metropolitan universities in an effort to mitigate stress on major city rental markets.
Dutton stated that the Coalition would work with universities to set a cap on foreign students, while introducing a tiered approach to the student visa program, which would increase the student visa application fee and applying it to foreign students who change providers.
“The great Australian aspiration of home ownership has become out of reach for so many.
“The Prime Minister has promised to build 1.2 million homes by 2029. But on the government’s current trajectory, they will fall short by 400,000 or 33 per cent.
“The Prime Minister is making the housing crisis worse. Australians need homes now,” Dutton stated.
The Opposition Leader also reiterated that the Coalition has recommitted to allowing Australians to access up to $50,000 of their super to buy their first property.
Earlier in May, the Senate economics committee, chaired by Liberal senator Andrew Bragg, handed down its interim report, which recommended that the cap on super withdrawals be increased.
The committee’s recommendation would see first home buyers be allowed to withdraw their superannuation contributions for use towards a home deposit with a withdrawal percentage threshold.
This would be in consideration with withdrawal cap options of $100,000, $150,000, or no maximum cap at all.
Senator Bragg said: “Rampant inflation under Labor means that the committee has had to re-examine previously proposed thresholds and caps, to ensure the policy can be effective for first home buyers.”
[RELATED: Senate committee recommends raised super withdrawal cap]
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