Morrison to announce new housing policy at campaign launch in final election pitch

Speaking before party heavyweights, including former prime minister John Howard, Morrison will announce the policy, aimed at encouraging people to downsize.

Under the plan, Australians aged over 55 will be able to sell their homes and then invest an extra $300,000 in their superannuation from the proceeds if the Coalition is returned to office after Saturday’s federal election.

The scheme already exists for those aged over 65.

The policy is due to change to people over 60 from July 1. Couples can contribute up to $600,000.

The aim is not only to help people invest their super but to free up housing stock for younger Australians so they can buy a family home.

Finance Minister Simon Birmingham told 9News political editor Chris Uhlmann on Weekend Today this morning the policy would not leave younger people out by targeting the over-55s.

“The fact we have seen such huge growth in employment and have got unemployment down to four per cent, contrast that with previous recessions … where Australia’s faced youth employment which had an enormous tail that has stretched out for years, depriving young Australians of the opportunity for a job to get ahead, to be able to save for a house,” Birmingham said.

Morrison is trying to regain momentum in the campaign’s final week as polls show Labor is on track to win government.

He also admitted he has shown a “bulldozer” leadership style that has often proved unpopular and will need to change if the Coalition is re-elected, as Australia emerges from years of crisis mode.

Birmingham said Morrison’s leadership style had suited the critical issued Australians faced during the COVID-19 pandemic.

“The prime minister, like all of us, has to apply different skills and attributes to the job at different times … he’s had to push to make sure the country got through well and secure as we have,” he said.

Uhlmann said the Coalition is desperate to regain the initiative in the last days of the campaign but has been dogged by Morrison’s leadership style and questions about his character.

“Scott Morrison has to make another come-from-behind win and he’s carrying the baggage of himself this time,” he said.

“He’s wanting to tell people that he can change.”

Opposition Leader Anthony Albanese will also be in Brisbane today to attend a Labor rally, where he’ll be unveiling a $1 billion manufacturing policy.