Australia’s housing affordability crisis sparked an impassioned debate between Treasurer Jim Chalmers and Shadow Treasurer Angus Taylor live on 7.30 on Monday night.
The pair were on hand to discuss Australia’s economic future but when the topic turned to Australia’s housing woes, civility between the pair went out the window.
Both parties had earlier in the day earned the ire of a swathe of economists for their key housing affordability polices ahead of the election, with many suggesting they would cause a rise in housing costs and also increase future budget deficits.
Labor pledged to allow first home buyers to purchase a property with just a 5 per cent deposit and remove the requirement for lenders’ mortgage insurance.
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In addition, it would spend $10 billion on building 100,000 new homes that would only be available to first home buyers to purchase.
Jim Chalmers and Angus Taylor with Sarah Ferguson on the 7.30 set just before the debate. (ABC News: Jenny Ky)
The Coalition announced a scheme that would allow first home buyers of newly built properties to receive a tax deduction on the interest paid on their mortgages.
The proposal, known as the “first home buyers mortgage deduction scheme”, is expected to cost $1.25 billion over forward estimates, and the Coalition claims it will boost construction activity and housing supply.
On Monday night, the pair played the blame game as their debate descended into a series of barbs.
It began when 7.30 host Sarah Ferguson asked Mr Chalmers if Labor’s $10 billion announcement to build homes was included in the budget.
Mr Chalmers clarified it was not before he added that the money is split between $2 billion in grants and $8 billion in loans, and is an eight-year program.
He told 7.30 the houses would begin to be built next year and start to be completed the following.
“There’s already tens of thousands of homes in the pipeline from our policies,” Mr Chalmers said.
“What we’ve seen since we’ve come to office is construction costs have come down, compared to under the Coalition, new approvals have turned around, investment growth in housing and new builds, all of that is improving, but we know we need to go further and faster.”
‘Untrue’: Chalmers hits out at Coalition claim
Mr Taylor then took a swipe at Labor’s plans for affordable housing.
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“We want to restore home ownership as part of the Australian dream,” Mr Taylor said.
“They targeted 1.2 million houses, the experts tell us we will be lucky to get to 800,000.”
He then suggested that no houses had been completed, which Mr Chalmers said was “untrue”.
It was the beginning of a slanging match between the pair.
“Two things about that,” Mr Chalmers said.
Mr Taylor then asked Mr Chalmers if a “single person had moved into one of these houses?”
The Treasurer responded with: “We’ve built a couple of thousand homes”.
Charged with not answering the question by Mr Taylor, Mr Chalmers responded with his own shot at the Coalition.
“There would be fewer under your proposal because you want to cut the Housing Australia Future Fund.”
Mr Taylor then called for interest tax deductibility for new homes before he was asked by Ferguson why something that his own party had rejected for years was suddenly good policy.
Challenged as to whether the criticism of the Coalition policy was just Mr Taylor deflected the question.
He was then challenged on bipartisanship and the need for it as Australia continues to battle the housing crisis.
“I would love to see that,” Mr Taylor said.
“I think home ownership has become such a crisis for young Australians … I’m more than happy to work with Labor on the policies that I have just outlined.
“We need a solution to this. Because if we don’t get it, it will not be the Australia I was lucky enough to grow up in.”
The debate between the duo also took in Australia’s budget deficit, whether proposed tax cuts are a good thing, the Coalition’s nuclear policy and election pitches from both political heavyweights.
Read our live coverage of the debate below.
Look back at how the debate between Jim Chalmers and Angus Taylor on 7.30 unfolded.
3h agoMon 14 Apr 2025 at 11:02am
That’s all for tonight’s live coverage
Thanks for your company throughout the evening — but if you’re hungry for more election debate content, you’re in luck!
The ABC will host the second leaders debate between Anthony Albanese and Peter Dutton on Wednesday night, moderated by David Speers, from 8pm AEST.
Plus, 7.30 will hold a special housing policy debate on Thursday night between housing minister Clare O’Neil and shadow housing spokesman Michael Sukkar.
Until then, you can catch up on tonight’s debate below — and remember to watch 7.30, Mondays to Thursdays at 7:30pm on ABC iview and ABC TV.
3h agoMon 14 Apr 2025 at 10:47am
Some of your thoughts on the debate
4h agoMon 14 Apr 2025 at 10:32am
WATCH: Chalmers and Taylor trade barbs over housing
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