Federal Budget 2024: The one thing Peter Dutton wants to slash to address Australia’s housing crisis

Peter Dutton has pledged to reduce annual migration numbers to 140,000 and reduce the number of international students to tackle the country’s housing crisis if he comes to power next year.

In his third budget response on Thursday evening, the Opposition Leader announced a number of policies on migration, housing, energy, health and community safety in what he described as a roadmap to get Australia “back on track”.

“The budget passed on Tuesday is one of the most irresponsible I have ever seen,” he said.

If elected, the coalition will cut the permanent migration program by 25 percent, from 185,000 to 140,000 over the first two years, before increasing to an influx of 160,000 in the fourth year.

Mr Dutton said this would free up more than 100,000 homes over the next five years.

The opposition would introduce a two-year ban on foreign investors and temporary residents buying existing homes in Australia.

Dutton said Prime Minister Anthony Albanese was worsening the housing crisis because Labor’s target of building 1.2 million homes by 2029 is unlikely to be met.

The planning level for refugee and humanitarian programs will also be reduced to 13,750.

Thousands of people, including retirees, will be encouraged to return to work and the Coalition will further increase the proportion of older Australians and veterans who can work without cutting pension benefits.

The existing work bonus will be tripled from $300 per fortnight to $900, a move expected to benefit more than 150,000 retirees.

The number of hours that people with a student visa can work will be increased by twelve hours every two weeks.

A report by the government-appointed National Housing Supply and Affordability Council, published in May, found the housing crisis would worsen and the Commonwealth would miss its target of building 1.2 million homes by the hundreds of thousands.

But the Prime Minister said the Budget provided support for the construction sector and increased Commonwealth housing subsidies.

‘You can’t undo ten years of neglect in a few years; that takes time,” he told ABC Radio.

Mr Dutton said the Coalition would support energy bill cuts in the budget, worth $300 for each household, but warned the government was treating “the symptom, not the disease” of inflation.

Opposition leader cuts annual migration rate to 140,000 and reduces number of international students to tackle country’s housing crisis

The Opposition Leader is unlikely to back production tax credits worth $13.7 billion for hydrogen and critical minerals, the centerpiece of Labour’s Future Made in Australia plan.

“Magic pudding spending and $13.7 billion in corporate welfare for billionaires does not help the economy or make your life easier,” he said.

Mr Dutton said a coalition government would speed up approvals for gas projects and commit to releasing offshore acreage annually for exploration and development in the Northern Territory and Western Australia.

He would also disband the Environmental Defenders Office.

Prime Minister Anthony Albanese looks on as Peter Dutton delivers his budget response

The coalition would also restrict the sale of knives to minors and dangerous individuals and tighten bail laws for domestic violence, following a number of harrowing attacks and killings, Dutton said.

He will support new offenses that criminalize the use of mobile phones or computer networks to cause fear or harm to intimate partners, and tighten bail laws.

The coalition has also pushed for Australians to be allowed to withdraw up to 40 per cent of their retirement savings – up to a maximum of $50,000 – to buy their first home.

The proposal has been criticized by economists and the superannuation industry, who said it would drive up house prices, put retirees at risk on mortgages and would not benefit young Australians and renters.