Federal Treasurer Jim Chalmers criticized the Opposition’s plan to reduce migration and impose a two-year ban on foreigners buying Australian homes, stating that it would negatively impact the economy and create division within the local community.
Opposition Leader Peter Dutton has pledged to decrease international student numbers and overseas migration from 260,000 to 160,000 if elected in 2025. He believes this move would free up 100,000 houses over the next five years. However, Mr. Chalmers expressed skepticism about the actual impact of this plan.
The Labor government also has its own strategy to reduce overseas migration and permanent migration, taking into consideration the economy and skills base. Additionally, they have implemented measures to address the housing crisis, such as the National Housing Accord, which aims to build 1.2 million well-located homes over the next five years.
In response to concerns about the impact of migration cuts on regional areas, National Leader David Littleproud emphasized the importance of balancing economic needs with supporting regional growth. The coalition plans to ensure that regional universities and agriculture sectors receive necessary support, including the establishment of an agriculture visa for migrants to work in these areas.
Furthermore, the coalition intends to allow up to 40 percent withdrawals from retirement savings for first home purchases, capped at $50,000. While this plan has faced criticism for potential budget implications, Mr. Littleproud defended it as part of a broader policy aimed at increasing housing supply and providing hope to young people aspiring to own a home.
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