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Labor pledges to build 55,000 new homes

The Australian Labor Party has announced a new policy to build 55,000 homes and to punish major investors who retain empty property if it is elected into government in the future.

The opposition party has decided to get ahead of the Turnbull administration by announcing its eight-point policy on housing before next month's parliamentary budget.

Under plans detailed by Labor leader Bill Shorten, investors would be heavily penalised by the state if they held a portfolio of property that remained empty for extended periods.

Labor argued that property should be there to provide housing for families and individuals and not as a vehicle for the rich to make more money and in turn, inflate the market. He also said that Labor would build at least 55,000 new homes in the next three years. It is expected that this would also generate 25,000 new jobs.

However, when quizzed about the proposals in a TV interview, Labor MP Anthony Albanese seemed to avoid the matter of housing affordability. After seemingly being unable to answer the question 'Will it make houses cheaper?', the politician gave a rather complex answer about the economy and markets.

He stated: "You got to deal with supply, you’ve got to deal with what’s happening in the market, and we’re dealing with it."

Scott Morrison, the current treasurer of the Turnbull government, announced new policies to tackle housing affordability on May 9th.

Labor has also announced that it would restrict the benefits that can be gleaned from negative gearing - a matter the Conservative government has been reticent to commit to.

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