Albanese pledges $10 billion for 100,000 first-home buyers

Australia's Prime Minister Anthony Albanese has announced a $10 billion initiative aimed at helping first home buyers access the property market, ahead of a critical general election on May 3. The plan includes the construction of 100,000 new homes exclusively for first-time buyers and the expansion of the existing Home Guarantee Scheme, which allows buyers to purchase homes with deposits as low as 5%. The government plans to partner with state developers and private sectors to roll out these homes starting in the 2026-27 financial year. Albanese's initiatives come amidst rising dissatisfaction over housing affordability, with the opposition Coalition, led by Peter Dutton, proposing tax benefits for first-time buyers as part of their campaign. Critics highlight that the government's previous housing commitments have seen limited success, raising concerns about the feasibility of these new promises. The housing crisis remains a pivotal issue, particularly for younger voters, with both parties vying for their support through various proposals.