For much of the first two weeks, the focus of the leaders’ daily press conferences was hijacked by the US president’s reckless upending of the global economy and financial markets.
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But now, as we have a moment to breathe during Trump’s 90-day pause on his most damaging “reciprocal” tariffs and wait to see what chaos he unleashes next, we have also been able to put the focus firmly back on local issues.
And there is arguably no bigger issue affecting people across Sydney than the housing crisis. So when both sides launched their campaigns on Sunday and put affordability for first home buyers front and centre of their pitch to voters, we were always going to subject their words to the utmost scrutiny.
Labor pledged a government loan guarantee to allow first home buyers to purchase with a 5 per cent deposit. The Coalition is promising to first-time buyers who purchase new homes that they can claim loan repayments as a tax deduction (on the first $650,000 of a mortgage for five years).
And what’s the verdict from the experts? According to Wright, the combined $24 billion pledges from both sides have “little regard to recent economic history, the state of the budget, or what their plans will mean for future taxpayers and future governments”.
Economics editor Ross Gittins warned that there’s “no quick and easy solution to our housing affordability crisis. And almost all the schemes the two sides are waving about are just for show”.
Earlier this year, our Herald trainees produced the outstanding series Saving Sydney, which examined the crisis in our city, particularly for Gen Z, and asked young experts to come up with solutions on how to fix it. This week we went back to those experts and found they aren’t convinced of either party’s plan.
“Across the board, with each of these pitches that’s been put forward, undoubtedly they will be beneficial for a number of individuals, but I don’t think any of them are really going to do much for the system or the broader problem,” said 23-year-old senior urbanist at Ethos Urban, Matthew Thrum.
With the campaign now just past the halfway mark, and two more leaders’ debates – and countless service station and medical clinic visits – to go, who knows what the next two weeks will bring? What seems certain is that Sydney’s housing crisis will remain long after both candidates have left office.
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