Why has it been so hard for a couple of cashed-up politician dads, both vying for the job of Prime Minister, to admit whether they will help their children with a deposit so they can buy a house?
Put your money where your mouth is: The basic question neither Peter Dutton nor Anthony Albanese can answer on housing Dutton and Albanese had a chance this week to level with us and show they personally align with their plans to get Australians into their first homes.
Both failed spectacularly, writes Louise Roberts.Why has it been so hard for a couple of cashed-up politician dads, both vying for the job of Prime Minister, to admit whether they will help their children with a deposit so they can buy a house?Rather, it was a reasonable inquiry and, as far as campaign misfires go, it was a real doozy for both Anthony Albanese and Opposition Leader Peter Dutton. Ahead of the May 3 federal election, both have weaponised the panic and resentment of young Australians checking property prices and then checking their 'No Chance' bank balances. It’s clear the Bank of Mum and Dad has become one of the biggest lenders in the country - a damning verdict I would argue on decades of policy failure by government. And this intergenerational leg-up happily crashed the party on Monday when Mr Albanese and Mr Dutton pitched their competing election promises. Each claimed to own the solution to helping these young Australians finally crack an inaccessible property market. And, much to their chagrin, both were asked quite legitimately if they planned to tap into their own savings to help their kids get on the ubiquitous ladder.No, which says more about the state of our politics than any housing talking point ever could. The Liberal leader brought his son Harry along to front the media and talk about how tough it is to save for a deposit. “We’re saving like mad but it doesn’t look like we’ll get there in the near future,” said Harry, a 20-year-old apprentice carpenter with an admirable, polite manner and good on him for trying. My son is a 21-year-old apprentice plumber so I sure do understand the wages in/frustration out dynamic. Dutton and Albanese had a chance this week to level with us and show they personally align with their plans to get Australians into their first homes. Both failed spectacularly, writes Louise Roberts."You’ve brought your own son Harry out here, he spoke about how hard it is to save for a deposit,” Mr Dutton was asked. "So in that case, you’re doing pretty well yourself. Why won’t you support him a bit and give him a bit of help with getting his house?”It's a common topic in my cohort. And why didn’t the aspirational PM of home purchase immediately say of course he’ll help his kid too, especially when he can well afford to via that tidy multi-million dollar property portfolio.The Opposition Leader brushed it off and changed the subject, only to backtrack a day later by admitting he’d help his children “at some stage” - a footnote that undermined the whole charade. “The Prime Minister and I might be able to help our kids but it’s not about us,” he declared from another housing site. “It’s about how we can help millions of Australians across generations realise the dream of home ownership like we did, like our parents and grandparents did. It’s a different proposition today for young Australians.”Meanwhile when pressed on whether he'd chip in to help his son Nathan with a housing deposit, Mr Albanese also demurred, declaring that “families don’t have a place in these issues”.If you are pumping out policy on housing affordability, it is critical to acknowledge personal wealth and intergenerational support.Labor unveiled its plan - first-home buyers will be able to purchase with a five per cent deposit while the federal government guarantees the loan, thus shifting risk from the banks to the taxpayer.Mr Albanese proclaimed: “You won’t pay a single dollar in mortgage insurance. Our government will cover it.”Labor also promised to shell out $10 billion to build 100,000 homes for first-home buyers but there are already serious questions about state co-operation, land availability and delivery timelines. The Coalition meanwhile was spruiking personal responsibility over government help but it probably won’t be enough to move the dial for them. Mr Dutton’s super-for-housing policy would allow Australians to access up to $50,000 of their own superannuation to put towards a deposit on their first home.The Coalition is also offering to make mortgage interest payments tax deductible for new build homes, ostensibly saving an average of $12,000 a year over five years.It’s one thing to empathise with young Australians. It’s quite another to stand next to your offspring and pretend that their future is tied to the same factors as everyone else.It was whether, in a housing market distorted for younger buyers, their personal positions align with their policy pitch. Misters Albanese and Dutton had a moment to instantly level with the nation and show that they get it.Louise Roberts is a journalist and editor who has worked as a TV and radio commentator in Australia, the UK and the US. Louise is a winner of the Peter Ruehl Award for Outstanding Columnist in the NRMA Kennedy Awards for Excellence in Journalism and has been shortlisted in other awards for her opinion work.
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