Sky News host Chris Smith said future owners need a “helping hand, not a gift”.
The Labor Party announced a new Shared Equity initiative at the party’s campaign launch on Sunday, which would give eligible participants a Commonwealth capital contribution of up to 40% towards the purchase of a new home and 30% towards an existing house.
“A Labor government would help Australians get into the market, taking over 40% of their mortgage. This is a shared action program,” Mr. Smith said.
“So for those who can’t save enough, can’t afford the full mortgage and won’t lower their expectations, they will be supported by the taxpayer.
“How can you teach a generation that this saving and sacrificing approach is no longer necessary?
“It is an extremely dangerous policy, which could also expose the government to debt.”