PM OUT TO WOO HOME BUYERS
YOUNG Aussies will be given a hand to secure their first home under Scott Morrison’s election pitch centred on the Australian dream, which Labor matched in a desperate bid to smother the Coalition’s campaign launch.
The Prime Minister yesterday unveiled his plan for first home buyers, who will now only need to save 5 per cent of their home’s cost before the government guarantees the rest of the deposit.
Mr Morrison used the Coalition’s official campaign launch in Melbourne to make his surprise housing announcement that left Labor scrambling to match within hours.
It was also welcomed by the building and property industries who labelled it a “hand-up” rather than a “hand-out”.
In a family-themed launch, the PM yesterday kicked off the campaign’s final week by offering undecided voters the chance to buy into the “Australian dream”, which “if you have a go, you get a go”.
“It’s hard to save for a deposit, especially with the banks pulling back and larger deposits of 20 per cent now being standard,” Mr Morrison told the Melbourne Convention Centre filled with the party faithful and recontesting members of his Cabinet but none of the previous three Liberal PMs.
“It’s not getting easier. We want to help make the dreams of first home buyers a reality.”
Through the government’s National Housing Finance and Investment Corporation, taxpayers would guarantee the difference between the amount a first homebuyer had saved and a 20 per cent deposit demanded by the banks.
Under the plans, which would come into force from January 1 next year, first home buyers earning up to $125,000 would not need mortgage insurance, a saving of about $10,000.
But Mr Morrison stressed: “This isn’t free money. But they have their first leg on the first rung of the ladder.”
A few hours after the launch, Labor moved quickly to match the plan.
Opposition treasury spokesman Chris Bowen accused the Coalition of “desperately” trying to tell young Australians they understand the struggle to enter the property market.
But industry leaders welcomed the initiative.
“This is a smart proposal which helps first home buyers and provides some confidence for the housing construction sector,” Property Council chief executive Ken Morrison said.
In a nod to holding the launch on Mother’s Day, Mr Morrison put the women in life front and centre after his mum Marion introduced her son to the stage while flanked by his wife Jenny, and his two daughters Abbey and Lily. also
During his hour-long speech, Mr Morrison also touched on the Coalition’s support for drought-affected farmers, listing medicines on the Pharmaceutical Benefits Scheme and his income tax plan.
Mr Morrison said Australians trusted the Coalition to keep them safe and the nation’s borders secure, which allowed him to acknowledge former prime minister Tony Abbott and recent leadership rival Home Affair Minister Peter Dutton.
“I pay credit to Tony Abbott for that, I pay credit to Peter Dutton who is here today and has been keeping that going, you’ve done an outstanding job Peter,” Mr Morrison said.
But there was no mention of Malcolm Turnbull or even John Howard who were notable absentees at the launch, during which Mr Morrison put himself front and centre.
Economic management was another key theme of the speech as Mr Morrison declared that only with a strong economy could a government fund for schools, hospitals and roads.
“I’m not getting into a spend-a-thon with Labor. They’re welcome to it. Reckless spending is not a vision, Australians.”
But the prime minister agreed with rival Bill Shorten that the election was about a distinct choice.
“It’s the choice between a Prime Minister in myself who just wants to back, acknowledge and cheer on the decent and simple and honest aspirations of Australians – and Bill Shorten, who just wants to tax all of those aspirations more,” Mr Morrison said.
Both leaders are campaigning in Sydney today.