Albo Grease

by Hayden Groves

Victory celebrations in politics don’t normally last long and Labor’s federal election win on the weekend will be no different. Labor claim office after nine years of coalition government with the electorate elevating independent candidates and other minor parties to unprecedented levels. It is the first time a major party can claim victory and lose some of its primary vote.

Labor takes office in its own right without needing support of the now substantial cross bench. The rise of the so-called ‘Teal’ independents represent typically affluent inner urban electorates with narrow policy platforms focusing on government integrity and climate change.

No doubt, both of these issues are important and clearly resonated with voters. I am not sure we have a systemic and wide-spread problem with integrity in Australian politics; the odd bad-egg bobs up from time-to-time. Think Eddie Obeid, Ian McDonald and WA’s own Barry Urban. Climate change is undoubtedly the main issue of our times, but its not something Australia can solve on its own. 

Housing affordability, cost-of-living pressures, rising interest rates and the economy, that’s the stuff the new Labor government will be judged on during its first term. Thankfully, Prime Minister Albanese has demonstrated his desire to roll up his sleeves on these important issues with housing supply and affordability featuring during the election campaign. 

The government has introduced the Help to Buy scheme which will assist 10,000 first home buyers annually via a joint equity system, similar to the Keystart program run in WA. Eligible buyers will need a minimum deposit of 2 percent and earn less than $90,000 per annum ($120,000 if you’re a couple) with the government effectively owning up to 40 percent of the property, if new, and up to 30 percent if established. 

The new government has supported the bringing forward of the age eligibility for their ‘rightsizer’ policy, enabling retirees to move up to $300,000 into a super fund from the proceeds of a property sale from the age of 55 without the usual high tax being applied to such amounts. 

A 55-year-old couple can sell the family home and move $600,000 to their super funds freeing up larger family-sized homes. This is a sensible policy. 

The new government has also promised to convene a Housing Affordability and Supply Council which will bring together various market sectors to seek solutions around this important topic. REIA is hopeful real estate agents will be represented on this Council to ensure a balance of views is represented. Well-meaning social housing advocates understand supply shortages remains the key issue in the delivery of affordable housing, yet they are also inclined to seek changes to tenancy laws that undermine investment in private rental housing. 

With 27 percent of all housing stock in Australia owned by private investors, this large cohort needs continued incentive to deliver much needed affordable homes to millions of Australians.