Now that Anthony Albanese has started his second term as prime minister, let’s explore the housing policies the Australian Labor Party (ALP) promised to voters.
Starting in 2026, the ALP will expand the Home Guarantee Scheme to include all first home buyers. Right now, the scheme limits access to 50,000 places per year and sets income caps. The ALP says “the new rules will let anyone apply, no matter how much they or their partner earn. First home buyers will be able to purchase an eligible property anywhere in Australia with just a 5% deposit”.
The ALP promises to invest $10 billion to build up to 100,000 homes exclusively for first home buyers. The goal is to increase the housing supply and help reduce prices. “We will fund enabling infrastructure, purchase land, or support construction. This is to ensure these homes are built near work and family, and exclusively for first home buyers,” Labor said.
In addition, Labor has committed $252 million to the following initiatives:
- $120 million to encourage states to cut red tape and speed up home construction.
- $78 million to qualify 6,000 tradespeople more quickly and grow the residential construction workforce.
- $54 million to expand the advanced manufacturing of prefabricated and modular homes, which builders can complete up to 50% faster than traditional builds.