To help Australians, we will deliver both immediate cost of living relief and a long-term economic plan.
This includes reducing petrol tax by 25 cents per litre for 12 months. This will save you around $14 dollars for every tank.
We will also deliver tax relief for more than 10 million taxpayers.
Our Cost-of-Living Tax Offset means Australians earning up to $144,000 will get up to $1,200 in tax relief when they lodge their tax return (for 2025-26).
Eighty five percent of taxpayers will get some tax relief.
Today, we also announced another part of our plan to revive the dream of home ownership.
For generations, owning a home has provided people with security, stability and pride. It has been a cornerstone of the Australian dream.
Under Labor however, soaring mortgages and rents mean this dream is slipping away.
To address this, our First Home Buyer Mortgage Deductibility Scheme will provide a tax deduction for interest payments for the first five years of a mortgage.
Here’s how it works:
- First home buyers who buy a newly built house or apartment, as their principal place of residence, will be eligible.
- Buyers can deduct the interest paid on the first $650,000 of their mortgage.
- There is no cap on the mortgage size or home price.
- Individuals earning up to $175,000 and joint buyers with a combined income of up to $250,000 will qualify.
This will really help in the early – and most financially challenging – years of home ownership.
For example, a first home buyer with an income of $120,000 and a $650,000
mortgage (at 6.1%) will benefit by around $12,000 a year.
This is part of our comprehensive plan to make housing more affordable. Our plan also includes:
- Boosting supply. We will invest in water, sewerage and roads infrastructure needed to unlock 500,000 new homes.
- Easing demand. We will introduce a two-year ban on foreign investors and temporary residents buying existing property and reduce migration from Labor’s current record levels.
- Assisting first home buyers. We will offer the choice of using up to $50,000 of your super towards a deposit. And we will change lending rules to help young Australians access a mortgage.
- Supporting construction. We will increase apprentices and trainees to help build more homes and deregister the lawless CFMEU.
- Low interest rates. We will deliver a strong economy with lower inflation that reduces pressure on interest rates.
With your support we can help Australians doing it tough and restore the dream of home ownership.
