Federal election 2022: Scott Morrison puts housing back on election agenda with incentives to downsize homes

Scott Morrison has put housing back in the election spotlight, offering older Australians more incentives to downsize their homes and enjoy the extra money. At today’s Liberal Party election launch in Brisbane, the prime minister will reveal a plan that would allow Australians over the age of 55 to downsize their property and invest up to $300,000, per person, into their superannuation. Currently, this benefit is available to Australians over the age of 65 but it will drop to 55 in July under a Morrison Government increasing those eligible for the scheme by 1.3 million. And pensioners who downsize their homes would have up to two years to decide what to do with their money without impacting their pension. “We are now giving Australians more choice to decide how they want to live the next stage of their life by removing financial barriers for people wanting to downsize their homes,” Mr Morrison will tell the party faithful. “By removing barriers for Australians downsizing to residences that better suit their needs and lifestyle, we are helping to free up larger homes for younger families.” The finishing line is well and truly in sight for both Mr Morrison and Anthony Albanese after a gruelling six-week election campaign. Mr Morrison is expected to visit WA this week and will be in Sydney today before flying to Brisbane. Failing to make dent in the polls showing a Labor win Mr Morrison has now promised his leadership style would a more empathetic to soften his “bulldozer” approach to major issues. Mr Morrison was in the Melbounre seat of on Saturday, where he announced $20.2 million in funding to expand the Sporting Schools program to students in Years 9 and 10 if he’s re-elected. Morrison was joined by local MP Housing Minister and Assistant Treasurer Michael Sukkar, who holds the seat on a 4.8 per cent margin. He also visited Gurdwara Siri Guru Nanak Darbar Sikh Temple in Pakenham. Escalating housing costs and now rising interest rates, have made owning your own home tough – particularly for the young. Mr Morrison’s Liberals have released a home guarantee scheme which allows people to purchase their homes with a five per cent deposit, with the government guaranteeing the other 15 per cent. Mr Albanese has also released a housing plan, promising to provide eligible homebuyers with an equity contribution of up to 40 per cent of the purchase of a new home and up to 30 per cent of the purchase price for an existing home. At today’s launch, Mr Morrison will talk up the Great Australian Dream of home ownership. “Buying your first home is never easy and that’s why we have been focussed on helping more than 300,000 people realise the great Australian dream of owning a home,” Mr Morrison will say at today’s launch. “I want to help more and more young families right across Australia to move into their own home and support their aspiration.”