1 00:00:00,480 --> 00:00:03,640 Speaker 1: Already and this is this is the daily, This is 2 00:00:03,680 --> 00:00:06,840 Speaker 1: the daily. Ohs oh, now it makes sense. 3 00:00:14,600 --> 00:00:17,040 Speaker 2: Good morning and welcome to the Daily. OS is Tuesday, 4 00:00:17,079 --> 00:00:20,360 Speaker 2: the fifteenth of April. I'm Sam, I'm Harry. It was 5 00:00:20,680 --> 00:00:24,200 Speaker 2: super Sunday for both the Labor Party and Coalition in 6 00:00:24,280 --> 00:00:26,800 Speaker 2: the lead up to the twenty twenty five federal election, 7 00:00:27,080 --> 00:00:31,000 Speaker 2: which is now under three weeks away. Both camps officially 8 00:00:31,080 --> 00:00:34,559 Speaker 2: launched their campaigns. Anthony Albernezi did that in Perth and 9 00:00:34,680 --> 00:00:37,839 Speaker 2: Peter Dunnon health is in Sydney. The big focus for 10 00:00:37,920 --> 00:00:41,760 Speaker 2: both first time home buyers. Today we're going to break 11 00:00:41,800 --> 00:00:45,360 Speaker 2: down what these policies mean for Australians looking to enter 12 00:00:45,520 --> 00:00:49,120 Speaker 2: the housing market, which we know will be predominantly young people, 13 00:00:49,440 --> 00:00:50,920 Speaker 2: and how they compare to each other. 14 00:00:54,640 --> 00:00:57,000 Speaker 1: Sam, I want to start with a little bit of 15 00:00:57,000 --> 00:00:59,200 Speaker 1: a question for you. Yeah, what's your favorite way to 16 00:00:59,200 --> 00:00:59,960 Speaker 1: spend a Sunday? 17 00:01:00,040 --> 00:01:04,080 Speaker 2: It would have to be jumping on abciview and watching 18 00:01:04,560 --> 00:01:07,840 Speaker 2: back to back. Campaign launches three weeks out from the election, 19 00:01:08,319 --> 00:01:10,640 Speaker 2: announcing new policies we weren't sure they were going to 20 00:01:10,680 --> 00:01:13,320 Speaker 2: announce and no ball. 21 00:01:13,160 --> 00:01:16,680 Speaker 1: Effect of policy after policy just hitting us. 22 00:01:17,200 --> 00:01:20,120 Speaker 2: And there is something about an Australian political party launch 23 00:01:20,160 --> 00:01:23,720 Speaker 2: that just is really exciting, absolutely like these are big events. 24 00:01:23,760 --> 00:01:26,679 Speaker 2: There were fireworks, there were performers on stage, it was amazing, 25 00:01:26,720 --> 00:01:28,040 Speaker 2: It was fantastic. 26 00:01:27,920 --> 00:01:32,000 Speaker 1: Absolutely well for anyone who's unfamiliar or might have just 27 00:01:32,040 --> 00:01:34,280 Speaker 1: missed a little quip there. Sam and I did spend 28 00:01:34,280 --> 00:01:38,080 Speaker 1: our Sunday watching the campaign launches, looking at what the 29 00:01:38,080 --> 00:01:42,120 Speaker 1: major parties were offering at this election and some of 30 00:01:42,120 --> 00:01:45,600 Speaker 1: the election policies in particular for first home buyers and 31 00:01:45,640 --> 00:01:48,320 Speaker 1: getting more people into the housing market. And this will 32 00:01:48,320 --> 00:01:50,600 Speaker 1: come as a surprise to no one because this is 33 00:01:51,280 --> 00:01:54,480 Speaker 1: it intersects with the cost of living and the Australian 34 00:01:54,560 --> 00:01:57,720 Speaker 1: dream of home ownerships, so it's really no surprise that 35 00:01:57,800 --> 00:02:00,400 Speaker 1: the parties came out with this. But both Labor and 36 00:02:00,400 --> 00:02:03,920 Speaker 1: the Coalition announced rafter policies in this area. So what 37 00:02:04,000 --> 00:02:07,120 Speaker 1: did we actually learn. Maybe let's start with Labour, Sam. 38 00:02:06,920 --> 00:02:09,639 Speaker 2: Yeah, and they're quite different policies, which was interesting. It 39 00:02:09,680 --> 00:02:12,200 Speaker 2: was also interesting to me that it was clear that 40 00:02:12,240 --> 00:02:16,639 Speaker 2: both parties were trying to distill the quite abstract issue 41 00:02:16,680 --> 00:02:20,959 Speaker 2: of economic dreaming to just helping people buy their first 42 00:02:20,960 --> 00:02:23,800 Speaker 2: home is a really tangible way into this topic, and 43 00:02:23,840 --> 00:02:27,359 Speaker 2: so Labor are approaching it by focusing on smaller deposits 44 00:02:27,440 --> 00:02:30,919 Speaker 2: and the Coalition of focusing on tax deductions. And let's 45 00:02:30,919 --> 00:02:33,320 Speaker 2: start with Labor. So we'd announced it wants to expand 46 00:02:33,360 --> 00:02:36,200 Speaker 2: what's known as the Home Guarantee Scheme. Now this is 47 00:02:36,240 --> 00:02:38,959 Speaker 2: a scheme that has existed since twenty twenty, but they 48 00:02:39,000 --> 00:02:42,120 Speaker 2: plan to significantly expand it if they get elected. 49 00:02:41,880 --> 00:02:44,320 Speaker 1: Right, because it used to be just a certain amount 50 00:02:44,320 --> 00:02:47,040 Speaker 1: of spots a year, Yeah, something like fifty thousand exactly. 51 00:02:47,040 --> 00:02:50,040 Speaker 2: It was a limited number of spots available for people 52 00:02:50,080 --> 00:02:52,519 Speaker 2: who could basically buy a home with a five percent 53 00:02:52,560 --> 00:02:56,840 Speaker 2: deposit and the fifteen percent that is that gap up 54 00:02:56,880 --> 00:02:59,760 Speaker 2: to the twenty percent that banks normally need to avoid 55 00:03:00,040 --> 00:03:02,840 Speaker 2: lender's insurance that was going to be covered by the government. 56 00:03:03,360 --> 00:03:05,079 Speaker 2: And so it was a way for you to have, 57 00:03:05,320 --> 00:03:07,720 Speaker 2: say fifty thousand dollars to put down on a home 58 00:03:07,800 --> 00:03:11,320 Speaker 2: deposit instead of two hundred thousand dollars because lender's mortgage 59 00:03:11,320 --> 00:03:14,280 Speaker 2: insurance can be quite steep. And so this was the 60 00:03:14,360 --> 00:03:17,320 Speaker 2: Labor Party's way of bridging that gap for as you said, 61 00:03:17,600 --> 00:03:20,400 Speaker 2: not a huge amount of young people. It was almost 62 00:03:20,400 --> 00:03:22,840 Speaker 2: in some ways a bit of a test program. But 63 00:03:22,960 --> 00:03:26,200 Speaker 2: Under Labour's new plan from January twenty twenty six, they 64 00:03:26,200 --> 00:03:30,480 Speaker 2: were going to remove that current eligibility requirement and cap. Importantly, 65 00:03:30,560 --> 00:03:33,520 Speaker 2: the cap opening it up to all first home buyers 66 00:03:33,600 --> 00:03:34,720 Speaker 2: regardless of their income. 67 00:03:34,920 --> 00:03:37,480 Speaker 1: Right, so it's no longer a lottery. Anyone who is 68 00:03:37,640 --> 00:03:39,960 Speaker 1: a first home buyer trying to crack into the market 69 00:03:40,200 --> 00:03:41,640 Speaker 1: can apply for this scheme. 70 00:03:41,360 --> 00:03:44,160 Speaker 2: Now exactly well almost everyone. You still need to be 71 00:03:44,200 --> 00:03:47,320 Speaker 2: an Australian who's buying their first home and you need 72 00:03:47,360 --> 00:03:50,119 Speaker 2: to actually live in the property rather than rented out 73 00:03:50,200 --> 00:03:52,920 Speaker 2: as an investment. So there are still kind of those 74 00:03:52,960 --> 00:03:56,680 Speaker 2: two guardrails. They're pretty broad now. One crucial point is 75 00:03:56,680 --> 00:03:59,320 Speaker 2: that the five percent deposit can only be used for 76 00:03:59,400 --> 00:04:03,200 Speaker 2: properties below a set value, and that value the property 77 00:04:03,280 --> 00:04:06,720 Speaker 2: value will depend on where the property is. So for example, 78 00:04:06,760 --> 00:04:09,720 Speaker 2: in Sydney the maximum property price is one point five million, 79 00:04:10,000 --> 00:04:12,880 Speaker 2: but it's only eight hundred and fifty thousand dollars in Perth. 80 00:04:12,800 --> 00:04:15,360 Speaker 1: Right, And that makes sense because a house price is 81 00:04:15,400 --> 00:04:19,480 Speaker 1: more expensive in Sydney or Melbourne than it is maybe 82 00:04:19,520 --> 00:04:22,800 Speaker 1: in regional Queensland or the Northern Territory. 83 00:04:22,880 --> 00:04:25,279 Speaker 2: Exact stence, it's like proportionate to where you're trying to 84 00:04:25,279 --> 00:04:26,200 Speaker 2: buy the property. 85 00:04:26,839 --> 00:04:29,800 Speaker 1: So what's the big sell then here? Why would young 86 00:04:29,839 --> 00:04:32,520 Speaker 1: people want to sign up to this game? What is 87 00:04:32,600 --> 00:04:36,960 Speaker 1: appealing according to the Labor Party about this particular proposal. 88 00:04:36,880 --> 00:04:40,359 Speaker 2: Well, I think it's that lender's mortgage insurance point mixed 89 00:04:40,480 --> 00:04:44,320 Speaker 2: with the Labor Party trying to show young Australians that 90 00:04:44,400 --> 00:04:47,279 Speaker 2: they'll go almost you know, hand in hand with them 91 00:04:47,320 --> 00:04:51,039 Speaker 2: to try and get the first home together. And it's 92 00:04:51,080 --> 00:04:54,520 Speaker 2: aiming to lower the threshold because the point that the 93 00:04:54,560 --> 00:04:57,440 Speaker 2: Labour Party makes is that in order to get a deposit, 94 00:04:57,760 --> 00:05:00,520 Speaker 2: it takes you know, a certain number of decades longer 95 00:05:00,560 --> 00:05:02,520 Speaker 2: than it would have for our parents to get their 96 00:05:02,560 --> 00:05:03,240 Speaker 2: first deposit. 97 00:05:03,720 --> 00:05:07,640 Speaker 1: I was actually reading that the average deposit these days 98 00:05:07,960 --> 00:05:10,000 Speaker 1: is something to the tune of one hundred and sixty 99 00:05:10,080 --> 00:05:13,599 Speaker 1: thousand dollars, and to go from a twenty percent deposit 100 00:05:13,640 --> 00:05:16,039 Speaker 1: to a five percent deposit, that takes it down to 101 00:05:16,120 --> 00:05:19,600 Speaker 1: forty thousand dollars, which is the rate that an average 102 00:05:19,960 --> 00:05:22,880 Speaker 1: first home deposit was back in two thousand and two. 103 00:05:23,240 --> 00:05:23,440 Speaker 2: Right? 104 00:05:23,800 --> 00:05:25,880 Speaker 1: Does that not bum you out? Just stilltt? 105 00:05:26,400 --> 00:05:29,880 Speaker 2: Well, this is the intergenerational inequality that people talk about, 106 00:05:29,920 --> 00:05:32,359 Speaker 2: and it's super real, And I think what was interesting 107 00:05:32,440 --> 00:05:35,000 Speaker 2: as a bigger theme over the weekend was it's clear 108 00:05:35,000 --> 00:05:37,719 Speaker 2: that both parties are recognizing now that this is a thing, 109 00:05:37,960 --> 00:05:41,080 Speaker 2: absolutely and we are well past the point of it 110 00:05:41,200 --> 00:05:43,760 Speaker 2: being up for contention. Whether it's harder for young people 111 00:05:43,800 --> 00:05:46,760 Speaker 2: to crack into the housing market, it's agreed across the aisle. 112 00:05:47,080 --> 00:05:49,120 Speaker 1: And so just before we get to the other side 113 00:05:49,120 --> 00:05:51,520 Speaker 1: of the aisle, maybe let's just stick with what the 114 00:05:51,600 --> 00:05:54,360 Speaker 1: Labor Party were putting forward at their campaign. Did they 115 00:05:54,680 --> 00:05:58,080 Speaker 1: have any other announcements that they made that were particularly 116 00:05:58,160 --> 00:06:01,120 Speaker 1: targeted at young people? We talked that snowball effect of 117 00:06:01,160 --> 00:06:04,440 Speaker 1: policy after policy, Was there anything else that young people 118 00:06:04,480 --> 00:06:05,760 Speaker 1: in particular should know about. 119 00:06:05,920 --> 00:06:08,680 Speaker 2: Well, the big criticism for both campaigns, and I'll touch 120 00:06:08,680 --> 00:06:11,440 Speaker 2: on this a bit more later, is well, yeah, it 121 00:06:11,480 --> 00:06:13,760 Speaker 2: helps if you help people bid for their first home, 122 00:06:13,760 --> 00:06:16,400 Speaker 2: but there aren't actually enough homes for people to live in. 123 00:06:16,600 --> 00:06:19,359 Speaker 2: And so they responded to that with a measure to 124 00:06:19,360 --> 00:06:22,679 Speaker 2: build one hundred thousand affordable homes over the next eight years, 125 00:06:22,920 --> 00:06:25,640 Speaker 2: which would only be sold to first home buyers. Now, 126 00:06:25,720 --> 00:06:28,679 Speaker 2: under this plan, state and territories would get eight billion 127 00:06:28,880 --> 00:06:31,800 Speaker 2: in no interest loans from the federal government, and the 128 00:06:31,800 --> 00:06:34,520 Speaker 2: federal government would then chip in the other two billion. 129 00:06:34,600 --> 00:06:37,880 Speaker 1: I'd see, so trying to just boost that supply side, 130 00:06:37,920 --> 00:06:40,520 Speaker 1: because if you have more people being able to put 131 00:06:40,520 --> 00:06:44,760 Speaker 1: down a deposit for a first home, that increases demand, which. 132 00:06:44,560 --> 00:06:46,960 Speaker 2: You can apply demand and upward pressure on prices. Right, 133 00:06:47,000 --> 00:06:49,080 Speaker 2: So that's the big criticism there. 134 00:06:49,240 --> 00:06:51,960 Speaker 1: That's about as far as my economics acknowledge goes. So 135 00:06:52,320 --> 00:06:55,040 Speaker 1: moving right along to the coalition, what did they have 136 00:06:55,120 --> 00:06:56,720 Speaker 1: to say at the campaign launch. 137 00:06:56,560 --> 00:06:59,560 Speaker 2: Well, they took a totally different approach and they said, 138 00:06:59,720 --> 00:07:02,320 Speaker 2: if they win government, they're going to allow some people 139 00:07:02,400 --> 00:07:07,200 Speaker 2: with mortgages to deduct their interest repayments from their income tax. 140 00:07:07,640 --> 00:07:10,040 Speaker 2: And so what that means is first home buyers could 141 00:07:10,080 --> 00:07:14,040 Speaker 2: deduct their mortgage interest repayments, so that's just the interest portion, 142 00:07:14,200 --> 00:07:17,480 Speaker 2: not the whole repayment, from their taxable income. And that 143 00:07:17,480 --> 00:07:19,800 Speaker 2: would apply to interest payments on the first six hundred 144 00:07:19,840 --> 00:07:22,240 Speaker 2: and fifty thousand dollars of a mortgage. 145 00:07:22,520 --> 00:07:25,000 Speaker 1: So does that mean, if I'm following a long correctly, 146 00:07:25,640 --> 00:07:27,920 Speaker 1: that you would end up paying less tax as a 147 00:07:27,920 --> 00:07:28,640 Speaker 1: result of. 148 00:07:28,680 --> 00:07:31,960 Speaker 2: This policy exactly, So your taxable income would come down 149 00:07:32,120 --> 00:07:35,720 Speaker 2: quite a lot because you're paying these interest payments to 150 00:07:35,800 --> 00:07:37,920 Speaker 2: get a bit ahead on your mortgage that comes off 151 00:07:37,960 --> 00:07:40,360 Speaker 2: your taxable income. You end up having to owe less 152 00:07:40,360 --> 00:07:43,600 Speaker 2: to the ATO, And it's kind of similar to how 153 00:07:43,600 --> 00:07:47,360 Speaker 2: investment property owners can already claim interest as a tax deduction. 154 00:07:47,800 --> 00:07:49,440 Speaker 2: But the big difference here is that this would now 155 00:07:49,440 --> 00:07:52,840 Speaker 2: apply to people living in their own first homes. Similar 156 00:07:52,840 --> 00:07:55,760 Speaker 2: to the late scheme, there are some eligibility requirements here 157 00:07:55,800 --> 00:07:58,880 Speaker 2: as well. Those eligible would need a taxable income of 158 00:07:58,960 --> 00:08:02,000 Speaker 2: under one hundred and seventy five thousand dollars for an individual, 159 00:08:02,400 --> 00:08:05,119 Speaker 2: or a taxable income of two hundred and fifty thousand 160 00:08:05,120 --> 00:08:07,720 Speaker 2: dollars or under for a couple. And the scheme would 161 00:08:07,720 --> 00:08:09,760 Speaker 2: be in place for five years, and just like the 162 00:08:09,840 --> 00:08:13,520 Speaker 2: labor government, participants must live in the home through that time. 163 00:08:13,640 --> 00:08:16,720 Speaker 1: Gotcha, So there are some guardrails in place. This wouldn't 164 00:08:16,960 --> 00:08:20,560 Speaker 1: be applicable to anyone who has interest on a mortgage. 165 00:08:20,600 --> 00:08:23,160 Speaker 2: I think both parties know that these types of schemes 166 00:08:23,240 --> 00:08:25,200 Speaker 2: cost money, and so they're looking for ways to make 167 00:08:25,240 --> 00:08:28,000 Speaker 2: sure it really does benefit the right people here. 168 00:08:28,200 --> 00:08:31,360 Speaker 1: So it's a targeted approach. And did the coalition give 169 00:08:31,440 --> 00:08:33,360 Speaker 1: any sort of sense of how much this could save 170 00:08:33,440 --> 00:08:35,040 Speaker 1: someone who was trying to crack into the market. 171 00:08:35,240 --> 00:08:37,600 Speaker 2: Well, they gave an example of a family, and a 172 00:08:37,600 --> 00:08:41,080 Speaker 2: family with an average income would be eleven thousand dollars 173 00:08:41,160 --> 00:08:43,839 Speaker 2: a year better off with this sax relief, So it's 174 00:08:43,880 --> 00:08:46,920 Speaker 2: not slimpeiking, No, that's a real benefit for a first 175 00:08:46,920 --> 00:08:51,880 Speaker 2: home purchasing couple. According to a Coalition spokesperson, their policy 176 00:08:51,880 --> 00:08:54,800 Speaker 2: will cost about one point twenty five billion over four years. 177 00:08:55,000 --> 00:08:57,840 Speaker 1: That's quite a lot of money to be spending. And 178 00:08:58,120 --> 00:09:00,360 Speaker 1: we hear a lot about debts and deficit and I'm 179 00:09:00,400 --> 00:09:02,920 Speaker 1: sure that goes into some of the criticisms of these 180 00:09:02,960 --> 00:09:06,240 Speaker 1: policies as well, because that is a lot of money. Yeah, 181 00:09:06,559 --> 00:09:09,880 Speaker 1: But just sticking with housing affordability for now, what is 182 00:09:09,960 --> 00:09:13,520 Speaker 1: the big contrast here? Yeah, what are Labor and the 183 00:09:13,559 --> 00:09:18,520 Speaker 1: Coalition looking to do and what separates their visions. 184 00:09:18,240 --> 00:09:21,200 Speaker 2: And what are voters thinking about when they're going in 185 00:09:21,280 --> 00:09:23,440 Speaker 2: to make a decision at the ballot box. When you've 186 00:09:23,440 --> 00:09:27,800 Speaker 2: got both parties with first home buyer pitchers really from them, 187 00:09:27,880 --> 00:09:30,320 Speaker 2: where's the kind of difference between them? And I think 188 00:09:31,120 --> 00:09:32,800 Speaker 2: the way that I would answer that would be that 189 00:09:32,840 --> 00:09:35,800 Speaker 2: they're approaching the problem from very different angles and so 190 00:09:35,880 --> 00:09:40,240 Speaker 2: Labour's policy is focused on the hurdle that people experience 191 00:09:40,320 --> 00:09:43,040 Speaker 2: to get a deposit, so they want to help more 192 00:09:43,080 --> 00:09:45,680 Speaker 2: people get into the market sooner by reducing the upfront 193 00:09:45,760 --> 00:09:49,120 Speaker 2: cost of actually putting down that deposit. But the Coalition's 194 00:09:49,120 --> 00:09:52,400 Speaker 2: policy is more about the hurdle of continuing to pay 195 00:09:52,559 --> 00:09:57,360 Speaker 2: for your mortgage repayments and having that ongoing affordability once 196 00:09:57,400 --> 00:10:00,040 Speaker 2: you've already bought your first home, and they're doing that 197 00:10:00,080 --> 00:10:02,480 Speaker 2: by reducing the tax that you would pay to help 198 00:10:02,520 --> 00:10:03,720 Speaker 2: with those mortgage repayments. 199 00:10:04,160 --> 00:10:06,520 Speaker 1: As you already touched on, Sam, these are going to 200 00:10:06,520 --> 00:10:09,400 Speaker 1: be big spending measures, so that's a lot of money 201 00:10:09,440 --> 00:10:12,800 Speaker 1: to commit to policy areas. What have been some of 202 00:10:12,800 --> 00:10:16,000 Speaker 1: the criticisms that have emerged since the campaign launches. What 203 00:10:16,080 --> 00:10:18,080 Speaker 1: have we heard from the experts? What do they have 204 00:10:18,160 --> 00:10:18,480 Speaker 1: to say? 205 00:10:18,559 --> 00:10:22,640 Speaker 2: Well, interestingly, the criticisms are very similar, so you've got 206 00:10:22,679 --> 00:10:25,760 Speaker 2: parties that have different approaches to the topic. I'm finding 207 00:10:25,800 --> 00:10:28,520 Speaker 2: that the actual critique of these policies is pretty much 208 00:10:28,520 --> 00:10:31,040 Speaker 2: the same, and it's in two key areas. One is, 209 00:10:31,080 --> 00:10:32,960 Speaker 2: as you rightly pointed out, just how much it's going 210 00:10:33,000 --> 00:10:34,960 Speaker 2: to cost and where that money is going to come from, 211 00:10:34,960 --> 00:10:37,199 Speaker 2: and all of those classic questions about kind of how 212 00:10:37,240 --> 00:10:40,040 Speaker 2: do you fund these big ideas. But the second is 213 00:10:40,080 --> 00:10:42,640 Speaker 2: something that we mentioned earlier as well, which is that 214 00:10:42,800 --> 00:10:47,120 Speaker 2: they could very well fuel inflation and drive uphouse prices. 215 00:10:47,640 --> 00:10:50,280 Speaker 2: If you're opening up the housing market to more people, 216 00:10:50,440 --> 00:10:53,320 Speaker 2: which is a good thing, but there aren't instantly more 217 00:10:53,400 --> 00:10:56,560 Speaker 2: houses for people to live in, then you end up 218 00:10:56,559 --> 00:10:58,319 Speaker 2: having a bit of a demand problem. I mean, think 219 00:10:58,320 --> 00:11:01,520 Speaker 2: about people who attend an auction. If they could get 220 00:11:01,520 --> 00:11:03,680 Speaker 2: their deposits together under a labor scheme, or they know 221 00:11:03,720 --> 00:11:07,000 Speaker 2: they could afford their mortgage repayments easier under a coalition scheme, 222 00:11:07,160 --> 00:11:08,720 Speaker 2: there'd be more people at the auction. 223 00:11:09,160 --> 00:11:11,360 Speaker 1: So I mean, demand's going to go up. And I 224 00:11:11,400 --> 00:11:15,280 Speaker 1: can tell you that even with my very basic economics understanding. Yeah, 225 00:11:15,360 --> 00:11:17,160 Speaker 1: surely the major parties knew that. 226 00:11:17,120 --> 00:11:19,679 Speaker 2: Too, definitely, and that's why they followed up with these 227 00:11:19,720 --> 00:11:22,959 Speaker 2: big infrastructure pledges. So the number of new houses they 228 00:11:22,960 --> 00:11:27,199 Speaker 2: were going to build particularly targeted at first home buyers 229 00:11:27,600 --> 00:11:30,880 Speaker 2: because they know that there's this supply problem. The problem 230 00:11:30,920 --> 00:11:32,679 Speaker 2: with that is that these projects who take a bit 231 00:11:32,679 --> 00:11:36,160 Speaker 2: of time, So what you end up probably happening is 232 00:11:36,160 --> 00:11:38,839 Speaker 2: is more people who benefit instantly from either one of 233 00:11:38,880 --> 00:11:42,280 Speaker 2: these first home buyer schemes. The construction of houses will 234 00:11:42,320 --> 00:11:43,439 Speaker 2: be a bit behind. 235 00:11:43,120 --> 00:11:46,440 Speaker 1: That, and a lot of people listening today Sam are 236 00:11:46,840 --> 00:11:49,680 Speaker 1: going to be renters. Yeah, so do we hear any 237 00:11:49,760 --> 00:11:52,000 Speaker 1: proposals that are going to benefit them because we know 238 00:11:52,080 --> 00:11:55,640 Speaker 1: that around sixty percent of people who are under thirty 239 00:11:55,679 --> 00:11:58,840 Speaker 1: five are renters. Yea, this is a great cohort of 240 00:11:58,880 --> 00:12:00,800 Speaker 1: people that are going to be vote at this election. 241 00:12:01,640 --> 00:12:04,120 Speaker 1: Was there anything that really came out for them? 242 00:12:04,400 --> 00:12:06,720 Speaker 2: I'm really aware of that when we talk about first 243 00:12:06,720 --> 00:12:10,840 Speaker 2: time buyers stuff on TDA, because even talking about the 244 00:12:10,880 --> 00:12:13,240 Speaker 2: idea of getting together a five percent deposit makes a 245 00:12:13,240 --> 00:12:15,520 Speaker 2: lot of assumptions about how close you are to that, 246 00:12:15,640 --> 00:12:18,320 Speaker 2: and we know that there's record cost of living pressures 247 00:12:18,360 --> 00:12:21,240 Speaker 2: at the moment. I guess both the Labor Party and 248 00:12:21,280 --> 00:12:23,800 Speaker 2: the Coalition would say that they're helping renters out by 249 00:12:23,840 --> 00:12:26,760 Speaker 2: getting that top tier of renters who are nearly ready 250 00:12:26,760 --> 00:12:30,280 Speaker 2: to buy into their first times quicker, and that should 251 00:12:30,320 --> 00:12:33,400 Speaker 2: improve the number of vacancies there are, or it should 252 00:12:33,440 --> 00:12:36,319 Speaker 2: ease a bit of competition. In terms of actual direct 253 00:12:36,400 --> 00:12:40,720 Speaker 2: rental relief, we haven't seen directed policy on that point. 254 00:12:40,760 --> 00:12:43,839 Speaker 2: It's more about the indirect tax cuts and cost of 255 00:12:43,840 --> 00:12:46,120 Speaker 2: living relief some of this first time buyers stuff. The 256 00:12:46,160 --> 00:12:48,640 Speaker 2: Greens are a bit different though they have a proper approach. 257 00:12:48,840 --> 00:12:50,880 Speaker 1: And what are the Greens saying, what are they taking 258 00:12:50,880 --> 00:12:52,440 Speaker 1: to the election for renters. 259 00:12:52,679 --> 00:12:55,079 Speaker 2: Well, they're big policies and they've been in place for 260 00:12:55,120 --> 00:12:57,640 Speaker 2: a while. Are things like in an objection to negative 261 00:12:57,640 --> 00:13:01,440 Speaker 2: gearing reforms which targets those who buy properties for investments. 262 00:13:01,760 --> 00:13:05,040 Speaker 2: It's about rental caps, it's about more policies on build 263 00:13:05,080 --> 00:13:07,760 Speaker 2: to rent properties. And the point that they always raise 264 00:13:07,840 --> 00:13:10,360 Speaker 2: is at the moment, a person with one investment property 265 00:13:10,600 --> 00:13:13,160 Speaker 2: pays the same taxes on that investment as a person 266 00:13:13,200 --> 00:13:17,200 Speaker 2: with fifty investment properties. When Green's leader Adam Bant was 267 00:13:17,240 --> 00:13:21,200 Speaker 2: asked on Sunday about the Labor and Coalition's plans, he 268 00:13:21,480 --> 00:13:24,560 Speaker 2: said that neither of them will ease the cost of 269 00:13:24,600 --> 00:13:27,679 Speaker 2: living in first home buyers' issues, and neither of them 270 00:13:27,679 --> 00:13:30,960 Speaker 2: are doing anything about rents. He did interestingly say the 271 00:13:31,000 --> 00:13:34,400 Speaker 2: Greens wouldn't block Labour's policies should they win government and 272 00:13:34,440 --> 00:13:37,480 Speaker 2: introduce it in the House, but he said quote tinkering 273 00:13:37,520 --> 00:13:41,040 Speaker 2: around the edges won't be enough to stop house prizes skyrocketing. 274 00:13:41,480 --> 00:13:44,560 Speaker 2: He also called Peter Dunnan's plan a quote dangerous debt 275 00:13:44,640 --> 00:13:47,400 Speaker 2: trap that could push house prizes into the stratosphere. 276 00:13:47,960 --> 00:13:51,200 Speaker 1: So I know we've talked a lot about housing policies 277 00:13:51,240 --> 00:13:54,560 Speaker 1: and we've really gone deep their yam, and you know, 278 00:13:54,600 --> 00:13:57,240 Speaker 1: you've done such a great job of unpacking it for 279 00:13:57,280 --> 00:14:00,120 Speaker 1: our audience. But I think it's just really worth noting 280 00:14:00,160 --> 00:14:03,400 Speaker 1: that there was also a big tax announcement at the 281 00:14:03,520 --> 00:14:07,280 Speaker 1: campaign launchers. So Labor is going to allow you to 282 00:14:07,880 --> 00:14:11,319 Speaker 1: take one thousand dollars of deductions off your taxable income, 283 00:14:11,800 --> 00:14:15,800 Speaker 1: but expenses work related expensive with no receipts. No receipts 284 00:14:15,880 --> 00:14:18,520 Speaker 1: so no fuel gauges that you need to monitor, no 285 00:14:18,760 --> 00:14:23,200 Speaker 1: collecting a receipt at the supermarket. That's one thousand dollars, 286 00:14:23,640 --> 00:14:26,080 Speaker 1: got to tick the box. And then you also had 287 00:14:26,080 --> 00:14:31,120 Speaker 1: the coalition propose a fairly similar scheme. It's a twelve 288 00:14:31,240 --> 00:14:34,200 Speaker 1: hundred dollar one off tax cut for people who are 289 00:14:34,240 --> 00:14:37,080 Speaker 1: earning between forty eight thousand dollars and one hundred and 290 00:14:37,120 --> 00:14:39,680 Speaker 1: four thousand dollars a year, and then a slightly smaller 291 00:14:39,720 --> 00:14:42,040 Speaker 1: tax cut that we don't really know the amount of 292 00:14:42,080 --> 00:14:44,920 Speaker 1: for people who are earning slightly under that and slightly 293 00:14:44,920 --> 00:14:46,000 Speaker 1: above that. Threshold. 294 00:14:46,120 --> 00:14:48,440 Speaker 2: And it's interesting to note that these measures were all 295 00:14:48,480 --> 00:14:51,120 Speaker 2: announced together, so you had the first time bias stuff, 296 00:14:51,160 --> 00:14:53,520 Speaker 2: you had the housing supply stuff, and then you had 297 00:14:53,520 --> 00:14:56,400 Speaker 2: these tax relief measures. And I think that does go 298 00:14:56,480 --> 00:14:59,480 Speaker 2: to the big balance here in this campaign overall, and 299 00:14:59,520 --> 00:15:02,840 Speaker 2: that's both camps are trying to give people a bit 300 00:15:02,840 --> 00:15:06,120 Speaker 2: of a short term sugar hit for cost of living 301 00:15:06,240 --> 00:15:09,280 Speaker 2: relief and put some money back in pockets, but also 302 00:15:09,360 --> 00:15:11,880 Speaker 2: show that they have the long term solutions to tackle 303 00:15:11,960 --> 00:15:13,800 Speaker 2: some of these more entrenched issues. 304 00:15:14,000 --> 00:15:16,480 Speaker 1: And I think it's worth remembering that this is the 305 00:15:16,520 --> 00:15:19,560 Speaker 1: first election that Gen Z and millennials are going to 306 00:15:19,560 --> 00:15:21,200 Speaker 1: outnumber older generations. 307 00:15:21,280 --> 00:15:24,200 Speaker 2: Definitely never been more important time to work in youth media. 308 00:15:23,960 --> 00:15:27,600 Speaker 1: Harry exactly. And I also think that that is really 309 00:15:27,680 --> 00:15:30,160 Speaker 1: feeding into the way that both parties are approaching this 310 00:15:30,280 --> 00:15:33,880 Speaker 1: campaign now. They are really targeting that central group of 311 00:15:33,920 --> 00:15:37,200 Speaker 1: people who are feeling a little bit less optimistic about 312 00:15:37,200 --> 00:15:40,560 Speaker 1: their prospects of buying a home, and with cost of living, 313 00:15:40,840 --> 00:15:44,320 Speaker 1: younger people hit first, hit hardest. And of course we'll 314 00:15:44,360 --> 00:15:47,520 Speaker 1: be unpacking all the big things that matter to young 315 00:15:47,640 --> 00:15:50,760 Speaker 1: voters and we'll be keeping a track of everything happening 316 00:15:50,840 --> 00:15:53,400 Speaker 1: in this campaign and making sure it all makes sense. 317 00:15:53,760 --> 00:15:55,600 Speaker 1: Thank you so much for joining The Daily oz. We'll 318 00:15:55,640 --> 00:15:57,480 Speaker 1: be back in your ears a little later today with 319 00:15:57,560 --> 00:16:03,800 Speaker 1: the afternoon headlines, but until then, have a great day. 320 00:16:04,280 --> 00:16:06,640 Speaker 1: My name is Lily Maddon and I'm a proud Arunda 321 00:16:06,840 --> 00:16:11,640 Speaker 1: bunjelung Kalkudin woman from Gadighl country. The Daily oz acknowledges 322 00:16:11,720 --> 00:16:13,880 Speaker 1: that this podcast is recorded on the lands of the 323 00:16:13,920 --> 00:16:17,520 Speaker 1: Gadighl people and pays respect to all Aboriginal and torrest 324 00:16:17,560 --> 00:16:20,400 Speaker 1: Rate island and nations. We pay our respects to the 325 00:16:20,400 --> 00:16:23,200 Speaker 1: first peoples of these countries, both past and present.