Australia’s Albanese pledges A$10 billion for first-time home buyers as election looms

Australia’s government announced a A$10 billion ($6.29 billion) initiative to construct up to 100,000 homes for first-time buyers ahead of the May 3 election, focusing on housing affordability. Prime Minister Anthony Albanese’s Labor government aims to build 1.2 million homes by 2030 and will offer loan guarantees for first home buyers, allowing them to purchase with a 5% deposit. In response, Liberal leader Peter Dutton is proposing tax deductions for mortgage payments to address the housing crisis, as both leaders face close approval ratings amidst rising living costs.