Federal election 2025: Details on Labor’s cash for housing to come closer to election

Voters will have to wait until closer to election day for the full costings of the Federal Government’s $10 billion pledge to build new homes for first-time buyers.

Full details of the cash splash would be revealed closer to the May 3 election, Treasurer Jim Chalmers promised, despite clarifying it would only cost $600 million over the next four years.

Labor used its campaign launch on Sunday to unveil the $10 billion plan to build 100,000 homes reserved for first-time buyers — likely mixed in with larger developments — and an expansion of the scheme where the Government acts as guarantor, meaning first home buyers will only need to save a 5 per cent deposit.

But it is yet to explain where the money will come from or if it is offset with any savings.

Dr Chalmers said the Government was being clear about the cost of its new policies, in contrast to the Coalition which was yet to detail the financial plans of pledges it announced before the election.

“A large amount of that (Labor cost is) already accounted for in the Budget,” the Treasurer said.

“Where there are additional announcements and commitments being made, we will release that at the appropriate time, in the usual way.”

He would not say how much of the $10 billion had already been accounted for, despite the first votes set to be cast on Tuesday when early polling opens.

However, he later clarified that the whole amount was new money, with only $600 million set to be paid out over the next four years.

The Treasurer joined Prime Minister Anthony Albanese on a construction site in the south-eastern Melbourne seat of Deakin — held by shadow housing minister Michael Sukkar — to debunk criticism no homes are being built under their housing policies.

Two two-bedroom homes are being built to replace a previously derelict property which couldn’t be used by public housing tenants.

Now, Mr Albanese said, there would be two homes “in this beautiful area right next to a park, which will be able to house families, most likely, a single parent and child”.

“The Liberals dug Australia into a hole on housing. Labor is digging our way out,” he said.

“Our plans are about supply as well as demand. Their plan is all about demand.

“If you’re not dealing with supply, if you’re not building a single home, then you are just pushing up prices.”

In a pre-visit briefing, national safety manager for building company Simonds, Paul Williams, warned the politicians and media that “a construction site is a hostile environment”.