MELBOURNE: Australia’s rival political leaders offered Sunday competing policies to help Australians buy a home ahead of the nation’s first federal election in which younger voters will outnumber the long-dominant baby boomer generation.

Prime Minister Anthony Albanese and opposition leader Peter Dutton officially launched their parties’ campaigns ahead of the May 3 elections.

Helping aspiring homeowners buy into a national real estate market in which prices are high and supply is constrained due to inflation, builders going broke, shortages of materials and a growing population was central to both campaigns.

“Buying a first home has never been easy, but for this generation, it’s never felt further out of reach,” Albanese told his supporters in the west coast city of Perth.

“In Australia, home ownership should not be a privilege you inherit if you’re lucky. It should be an aspiration that Australians everywhere can achieve,” he added.

The governing center-left Labor Party promised Sunday 10 billion Australian dollars ($6.3 billion) in grants and loans to build 100,000 new homes over eight years exclusively for first-homebuyers, who would only have to pay a 5 percent deposit instead of the current minimum 20 percent, with the government paying the remainder.

Opposition promises to reduce housing demand

Dutton’s conservative Liberal Party promised to ease demand for housing by banning foreign investors and temporary residents from buying existing homes for two years while reducing immigration and foreign student numbers.