Home / World News / Federal election 2022: Albanese backs Morrison’s tax incentives for downsizers election promise

Federal election 2022: Albanese backs Morrison’s tax incentives for downsizers election promise

Anthony Albanese has given his backing to an election promise from Scott Morrison to provide tax incentives to downsizers, but said it was a “modest” proposal and much more would be needed to tackle housing affordability.

The Opposition Leader said the suggestion by the Government was a “sensible” one, but there needed to be bigger investment in social housing, emergency housing for domestic violence victims and helping lower- and middle-income earners into the market.

The PM announced his new policy to encourage older Australians to downsize ahead of the Liberal party’s official campaign launch in Brisbane on Sunday.

Under the new policy, Australians over the age of 55 who downsize their property will be allowed to invest up to $300,000, per person, into their superannuation.

Currently, this benefit is only available to those over the age of 65.

Opposition Leader Anthony Albanese in Darwin.
Camera IconAnthony Albanese was promoting Labor’s plan to strengthen Medicare with a $750 million fund. Credit: AAP

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Mr Albanese said he would back the idea in an interview with ABC’s Insiders program.

“We will (back it), this is a modest announcement to extend a downsizing program, we’ve supported that program up to now. But we support a comprehensive plan on housing,” he said.

“We need more investment in public and social housing through our Housing Australia Future Fund. We need to do more about emergency housing. Last night and tonight, like every night, women and children escaping domestic violence will be turned away from shelters.”

“We need to do more in that area. We also have our help-to-buy scheme which is about low- and middle-income earners getting a foot in the door of housing”

“ I know through my own personal experience how important a secure roof over your head is. We want to make sure that Australians have every opportunity to do that.”

Mr Albanese was also asked about his calls for a lift to the minimum wage of $20.33 by an extra $1 per hour.

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