PM Albanese's Labor Party launches election campaign

SYDNEY: The centre-left party of Australian Prime Minister Anthony Albanese pledged yesterday to help more would-be home buyers as it launched a campaign for the May 3 election shaping as a tight race with the conservative opposition.

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Mr Albanese's Labor government, which is running neck-and-neck with the Liberal-National coalition, has promised to build 1.2 million homes by 2030, to ease cost pressures that have sparked dissatisfaction with a lack of affordable housing.

"In Australia home ownership should not be a privilege to inherit if you're lucky," Mr Albanese said at the launch of Labor's campaign in Perth, capital of the state of Western Australia.

His government pledged that, if re-elected, it would guarantee part of a first-home buyer's home loan, allowing the purchase with a deposit of 5%.