Coalition and Greens Clash over Housing Policy: Super-Powered Deposits versus Cutting Negative Gearing

While the Albanese Labor government successfully passed the Help to Buy Bill in the Senate, the Liberal Party and Greens engaged in a debate on home ownership at the National Press Club on the same day.

The debate between Michael Sukkar, the shadow housing minister, and Max Chandler-Mather, the Greens’ housing spokesperson, showcased differing opinions on the issue.

Clare O’Neil, the Labor Housing Minister, was absent from the event as she focused on the government’s Help to Buy Bill’s success in Parliament.

The Help to Buy Bill sets up a shared equity scheme where the government assists with 30 percent of an existing home’s cost or 40 percent of a new home’s cost.

This program targets eligible low- and middle-income households, with a limit of 10,000 allocations annually.

Opposition’s Critique of Labor’s Housing Record

Sukkar criticized the worsening housing crisis under the Albanese government, highlighting a decline in new home construction and the significant drop in first-time homebuyers compared to the Coalition’s tenure.

He pointed out a decrease in home completions, dwindling new housing development approvals, and steep increases in rent prices under Labor’s policies.

He also stressed that Australian families with mortgages are financially worse off under the current government.

Despite the government’s promise to build 1.2 million homes in the next five years, industry experts predict a shortfall of at least 400,000 homes, casting doubt on the effectiveness of Labor’s plan.

Sukkar proposed allowing first-time home buyers to use their superannuation funds for deposits and suggested measures to restrict migration to ease housing market pressures.

The Greens’ Approach to Housing

Chandler-Mather accused both major parties of supporting a corrupted housing system driven by the banking and property industries.

He criticized the Coalition and Labor for policies that inflate house prices and benefit property developers at renters’ expense. Chandler-Mather emphasized the need to overhaul tax benefits for property investors and reinvest the savings into public housing.

He proposed a public property developer to build affordable homes and advocated for stronger tenant protections, including national rent caps and long-term leases.

Chandler-Mather’s vision aimed to reduce housing costs for renters and first-time buyers significantly.

Focus on Renters’ Rights

Chandler-Mather emphasized the importance of tenant protections, including rent caps, long-term leases, and establishing a renters’ protection authority to enforce standards.

He highlighted the personal impact of housing insecurity on his generation and the need for stable, affordable housing.

Labor Celebrates Help to Buy Bill Passage

Meanwhile, O’Neil celebrated the passage of the Help to Buy Bill in Parliament, lauding it as a win for aspiring homeowners on lower middle incomes nationwide.

She acknowledged the groundwork laid by her predecessor, Minister Julie Collins, and praised the Greens for their support, contrasting it with the Coalition’s opposition.