The Australian government will reveal its ambitious plan to build more affordable housing when its first budget is delivered on Tuesday night.
Treasurer Jim Chalmers confirmed he was working with state and territory governments, the building industry, and superannuation funds to build one million new homes.
During its election campaign, the government already pledged 30,000 social and affordable housing in five years under its $10 billion Housing Australia Future Fund. The newest plan will be inclusive of all housing policies.
Chalmers said building more affordable housing to allow people to live near job opportunities, including newly created ones, was one of the “big challenges of the economy.”
“I've spent a lot of time working on this over the course of the last few months ... and we'll see the fruits of that tonight,” he said.
Shadow Treasurer Angus Taylor agreed that Australia needed more housing supply but did not want to see superannuation being used to achieve it.
Albanese Government’s First BudgetTaylor said the budget would be Labor’s “first big test” as government and a test of whether it would be able to deal with the challenges such as the rising cost of living and cost of doing business.
“We want to see a successful budget, but ultimately, the test for Labor is whether they have that clear and comprehensive plan to deal with those pressures Australians are facing,” he said.
Stage one and two tax cuts were already delivered under the previous Liberal-National Coalition government, which targeted lower and middle income-earners.
“We want to see a budget that ensures that Australians are paying their fair share, but no more than their fair share and having the vast majority of Australians keeping 70 cents in the dollar,” Taylor said.
“That is a way forward for a prosperous, active economy where people are investing in their jobs, their careers, their businesses; that's what we want to see.”
He acknowledged that the cost of the National Disability Insurance Scheme was rising, but it was one of the schemes that the budget needed to create room for.
“At the same time, [we need to] make it as efficient as possible,” he said.
Health and aged care spending is also expected to increase to $548 billion over the next four years, putting major pressure on the budget.
Alongside health, aged care, and disability services, defence spending is also expected to make up a significant portion of the budget.
The budget will be delivered in Parliament by Chalmers at 7:30 p.m. on Tuesday.