Prime Minister Albanese reaffirmed the government's commitment to fast-tracking home ownership, rental improvements, and social housing, while leaving room for future tax reforms.

The government announced an expansion of the First Home Guarantee Scheme, removing income caps and raising house price limits, with the changes brought forward to October 1 to help first-time buyers avoid about $1.5 billion in mortgage insurance costs.

In addition to the scheme expansion, Albanese highlighted measures such as pausing the National Construction Code for four years, promoting prefabricated housing, and fast-tracking 26,000 homes stuck in approval processes to boost housing supply.

The government aims to build 1.2 million homes over five years but is currently behind schedule, with efforts underway to reduce red tape and environmental approval times to accelerate housing development.

The government paused changes to the National Construction Code, contrasting with the Coalition's decade-long freeze plan, to reduce regulatory red tape in home building.

The expanded scheme allows more buyers to access government-backed deposits, with caps set at $1.5 million in Sydney, $950,000 in Melbourne, and $1 million in Brisbane, aiming to improve housing affordability.

Opposition leader David Littleproud criticized the government for only tinkering with housing policy and not increasing supply, which he considers the core issue.

Opposition housing spokesperson Andrew Bragg criticized the scheme as uncapped and potentially benefiting wealthy individuals, opposing changes to construction and environmental regulations, claiming they hinder development.

Albanese defended the government's approach, highlighting differences from past policies and criticizing previous administrations' cuts to housing support.

Pressure remains on the government to reform tax policies, including limiting capital gains tax exemptions and negative gearing, to improve affordability.

Overall, the government emphasizes immediate reforms like tax cuts and home ownership schemes, focusing on practical solutions over academic debates on taxation and public service expectations.

Housing Minister Clare O’Neil assured that pausing the National Construction Code would not compromise safety, focusing on fixing safety issues rather than unnecessary regulatory changes.

The scheme enables new buyers to save deposits faster and avoid mortgage insurance, with the government acting as a guarantor.