Australia’s Prime Minister Anthony Albanese and his centre-left Labor Party officially launched their re-election campaign on Sunday, unveiling fresh support for aspiring homeowners as the country heads toward a closely contested May 3 vote.

With polls showing Labor locked in a dead heat with the conservative Liberal-National coalition, the Albanese government doubled down on housing affordability—a top issue for many voters. Speaking from Perth, Albanese vowed to expand home ownership opportunities, stating:

"Owning a home in Australia shouldn't just be a birthright for the lucky few."

Labor is pledging to construct 1.2 million homes by 2030 and, if re-elected, will offer a loan guarantee for first-time buyers, enabling home purchases with just a 5% deposit. The plan also includes a A$10 billion fund for grants and loans to support the construction of up to 100,000 homes.

"If you're trying to buy your first home, Labor is in your corner," Albanese said during the campaign launch, which was broadcast nationwide.

Meanwhile in Sydney, Liberal leader Peter Dutton launched his coalition’s campaign with a competing vision for tackling the housing crunch. Dutton promised tax cuts and a bold new scheme allowing first-time buyers of newly built homes to deduct mortgage payments from their income taxes.

"I will be the Prime Minister who brings back the Australian dream of home ownership," Dutton declared, drawing on his varied career—former police officer, entrepreneur, and longtime MP—to contrast himself with Albanese.

With both leaders focusing heavily on housing—a flashpoint for millions hit by rising interest rates and living costs—the election is shaping up to be a fierce battle for the middle-class vote. Dutton’s rising approval ratings have tightened the race, as voters weigh two sharply different approaches to resolving the nation’s housing crisis.