Imagine you could buy a home and not end up in lifelong debt, or know for sure that you will never have to pay more than 25% of your income on rent?
We can make this a reality by establishing a public builder.
The public builder is a 100% publicly owned, not-for-profit building company, selling and renting genuinely affordable, well designed homes near schools, public transport and activity centres.
The public builder would build 200,000 well designed homes over the next 20 years. These homes would be available for anyone to rent and buy at prices people can actually afford – with priority given to households on the public housing waitlist.
With rents capped at 25% of household income – and sale prices just over the cost of construction – renters would save more than $122 per household a week on rent and a first home buyer would save $260,157 on a home compared to median private prices.
Labor’s tax breaks for property developers won’t make it easier for you to buy an affordable home. And they can’t even guarantee that their policies will actually end up in any homes getting built.
So while Labor gives hand-outs to developers and crumbs to renters, our plan would provide reliable, well designed and genuinely affordable homes for renters. We would also end unlimited rent increases in the private market.
As long as Labor takes donations and policy advice from property investors, they will always be the party for landlords and developers.
We’ll keep fighting for renters, first home buyers and young people – so everyone can have a secure, affordable place to call home.