This article is from the Australian Property Journal archive
OPPOSITION leader Peter Dutton has unveiled the coalition government’s signature housing policy, by proposing to cut back on migration to free up to over 100,000 homes over the next five years and banning foreign and temporary residents from buying an existing home.
In his budget reply, Dutton said is in the midst of a housing crisis and the great Australian aspiration of home ownership has become out of reach for so many.
“Amidst this housing crisis, Labor is bringing in 1.67 million migrants over five years – more than the population of Adelaide.
“Australians need homes now. We’re at an 11-year low of building approvals and to help Australians now we need to prioritise Australians for existing homes,”
He said the coalition government will take decisive action on the housing crisis and alleviate pressure on the housing market by rebalancing the migration program.
Dutton said the decision will free up almost 40,000 additional homes in the first year and over 100,000 homes in the next five years.
“We will reduce the permanent migration program by 25% – from 185,000 to 140,000 for the first two years in recognition of the urgency of this crisis. The program will then increase to 150,000 in year three and 160,000 in year four.
“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,”
Dutton also announced his alternative government will reduce excessive numbers of foreign students to relieve stress on rental markets by introducing a cap.
Furthermore a coalition government will also implement a two-year ban on foreign investors and temporary residents purchasing existing homes in Australia.
“The usual CEOs and big businesses may not like this approach. But my priority is restoring the dream of home ownership,” the opposition leader said.
The coalition also recommitted to allowing Australians to access up to $50,000 of their super to buy their first home.
