SYDNEY – On Tuesday, Australian Prime Minister Anthony Albanese launched a significant new building programme aimed at tackling the country’s housing shortage, even as news of his own plans to purchase a $2.9 million seaside home captured national attention.
Albanese’s centre-left Labor government has committed to constructing 1.2 million homes by 2030 in an effort to alleviate cost pressures in one of the world’s most expensive housing markets. This initiative comes as housing affordability becomes an increasingly critical issue, especially with a federal election approaching and Labor now trailing behind their conservative opposition in polls.
During a press conference in Queensland, where he announced plans to build over 1,000 homes, many of which will be low-cost, Albanese faced repeated questions about his personal property purchase—a luxury oceanfront home. The prime minister defended his decision, acknowledging his financial good fortune while also expressing empathy for those facing housing struggles.
“I earn a good income. I understand that, and I’ve been fortunate,” Albanese said. “But I also know what it’s like to struggle. My mum lived in the same public housing where she was born for all of her 65 years… which is why I want to help all Australians into a home.”
The property, located on the central coast 65 kilometers north of Sydney, is near the family of his fiancée, Jodie Haydon, to whom Albanese proposed in February.
Despite 13 interest rate hikes by Australia’s central bank since 2022, house prices have continued to rise. In September, home prices marked their 19th consecutive month of increases, up 7.1% from the previous year. Sydney is currently ranked as the second-most expensive city for housing globally, based on a measure comparing home prices to incomes.