MELBOURNE: As his government falls behind the opposition Labor Party days before a general election, Australian Prime Minister Scott Morrison presented a housing programme on Sunday aimed at increasing homeownership and lowering prices.
On Saturday, Australians will elect a government, with recent polls indicating that Morrison's Liberal-National coalition is on pace to fall to center-left Labor, ending nine years of conservative rule. Morrison's Liberal Party formally opened its campaign on Sunday in Brisbane, with Morrison laying out his housing strategy in a last-ditch pitch to voters.
"This will boost the number of people who can downsize and the amount of family dwelling stock on the market," Morrison added. Morrison stated that the initiative intends to encourage older Australians to sell their family home. It would allow those over the age of 55 to sell their homes and contribute up to 3,00,000 Australian Dollar which is equivalent to USD 2,00,000 in a superannuation fund outside of current limits.
In an election campaign driven by cost-of-living concerns, national security, and climate change, the idea is an attempt to put downward pressure on high property prices. A re-elected coalition government, Morrison said, would allow first-time home purchasers to spend a "responsible part" of their superannuation funds to purchase a property, calling it "a game-changer" for thousands of families.
Morrison promised to be more compassionate if re-elected on Saturday, after admitting he might be a "bulldozer" and promising to improve if re-elected. Anthony Albanese, the Labor Party's leader, praised the housing plan for older Australians, calling it a "modest announcement."
Australia sanctions 75 Russian state Duma members, DPR and LPR ministers.
Australian central bank lifts its benchmark first rate hike in 11 years
Australian PM Scott Morrison pledges cheaper medications if re-elected