Australia Expands Housing Scheme Ahead of Election

Australia's government plans to expand its housing affordability scheme to assist more people in owning homes as the election approaches. The Labor government aims to construct 1.2 million homes by 2030. Additional investments in manufacturing and modification of the 'Help to Buy' scheme are anticipated to boost Prime Minister Albanese's appeal amid declining approval ratings.

Australia's government is taking significant steps to address housing affordability as a general election looms. The center-left Labor government, led by Prime Minister Anthony Albanese, announced it would broaden the scope of its 'Help to Buy' scheme, intending to make homeownership more accessible.

The expansion will adjust income and price caps, allowing more first-time buyers to qualify for the scheme, which has impacted over 5 million homes under the new caps. In addition, the government promises A$54 million towards innovative home manufacturing methods.

This housing initiative appears to be part of a broader strategy to boost the Labor government's standing following a poll showing dissatisfaction. The government has yet to call the election formally but is keen to use measures like these to counter high living costs and enhance employment opportunities.

(With inputs from agencies.)