Labor plans to buy stake in private homes

The Labor Party will commit to reducing the cost of a home for tens of thousands of Australians, with a plan to be announced at the party’s Perth campaign launch.

Opposition leader Anthony Albanese will present a plan for a Labor government to acquire equity in a private home to help low- and middle-income people buy property.

Under the policy, a Labor government would pay up to 40% on a new home and 30% on an existing home for couples earning up to $120,000 and singles earning up to $90,000.

Labor leader Anthony Albanese gives a press conference in Perth.
Labor leader Anthony Albanese will deliver his speech to become prime minister at today’s party launch in Perth. (9 News)

It is expected to be the centerpiece of the Labor campaign launch at Optus Stadium in Perth, as Albanese seeks to highlight cost-of-living pressures as a key issue for voters.

The campaign launch takes place at 1pm AEST and will be broadcast live on 9Now and 9news.com.au.

The policy, called Help to Buy, will be available to up to 10,000 families a year.

The Reserve Bank is set to raise interest rates for the first time in more than a decade on Tuesday, further adding to pressures on homeowners who have seen the cost of basic items soar in recent years.

Albanese will use the campaign launch to outline his vision for Australia, which he hopes to become prime minister for after the May 21 elections.

Under a labor plan, the federal government would take a large share of private housing to make property more affordable. (AAP)

Former Prime Minister Kevin Rudd and WA Prime Minister Mark McGowan will also be at the campaign launch today.

Other labor policy announcements are also to be made, including more details on drug pricing under the Pharmaceutical Benefits Scheme.

Meanwhile, Prime Minister Scott Morrison today announced a technology policy aimed at increasing parental controls on devices to keep children safer online.

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