Peter Dutton pledges to fast-track 500,000 new homes

Peter Dutton will pledge to devote $5 billion to fix Australia’s housing crisis in a major announcement designed to fast-track 500,000 new homes.

Prime Minister Anthony Albanese has copped a week of criticism, accused of being tone-deaf for buying a $4.3 million beach house and now the Coalition is dialling up the pressure.

“Under the Albanese Government, Australia is facing a housing crisis,” Mr Dutton said.

“The great Australian dream of home ownership has never felt further out of reach.

“We need to get our country back on track and restore the Australian dream of home ownership.”

Over the past two years, Mr Dutton said the Coalition had consulted with hundreds of local councils across the nation to discuss new housing supply constraints.

One of the major impediments to new housing projects is the lack of funding for critical enabling infrastructure.

Mr Dutton said while it is not the usual role of the Federal Government to fund enabling infrastructure like water, power, sewerage, and access roads, the scale of Labor’s national housing crisis means the Coalition will, on a time-limited basis, unlock necessary new housing supply and keep the Australian dream alive.

“We will invest in shovel-ready infrastructure, the lack of which is hindering the development of new housing, through a new Housing Infrastructure Programme (HIP),” he said.

“An elected Coalition Government will commit $5 billion to get these projects moving, unlocking up to 500,000 homes to be delivered more quickly through a mixture of grants and concessional loans.

“We know there are hundreds of greenfield sites across the country ready for development, but progress has been stalled due to a lack of funding for essential enabling infrastructure.

“The cheapest form of housing for first home buyers is detached housing with backyards and our Housing Infrastructure Programme will be a catalyst for exactly this – new greenfield housing developments.

“This funding will be offered on a ‘use it or lose it’ basis. This means if there is no progress on successful projects within 12 months of contracting, then the funding will be terminated.”

The Coalition has already-announced commitments to bring down demand and free up supply, including reducing migration, a two-year ban on foreign investors and temporary residents purchasing existing homes in Australia and capping the number of overseas students.

These changes are predicted to free up over 100,000 homes for Australians over five years.

Anthony Albanese insisted this week he still knows what it’s like to live on struggle street despite plonking down $4.3 million on a clifftop mansion on the NSW Central Coast.

But the Prime Minister maintains he’s not planning for retirement amid speculation he plans to rent out the property for $2500 a week.

A savvy property investor, Mr Albanese still owns a home in Marrickville and is planning to offload an investment rental in Sydney.

The Prime Minister has bought the property with his bride to be Jodi Haydon who has family who live in the area.

The Copacabana property features timber-lined cathedral ceilings and a centralised entertaining area along with open plan living and dining space, while downstairs there’s a guest room and an additional north facing entertaining area.

While conceding he is “much better off” now, Mr Albanese told reporters that he knows “what it’s like to struggle”.

“I have, of course, I am much better off – as a Prime Minister, I earn a good income,” the Prime Minister said. “I understand that. I understand that I’ve been fortunate.

“But I also know what it’s like to struggle.”

Mr Albanese snapped up the architecturally designed house with uninterrupted ocean and Sydney skyline views in a private sale last month.

The four-bedroom house on nearly 800 sqm last sold in November 2021 for $4.65m which means the current owners sold at a loss.