The Labor Party will pledge to slash the cost of a home for tens of thousands of Australians, with a plan to be announced at today’s party campaign launch in Perth.

Opposition Leader Anthony Albanese will unveil a plan for a Labor government to take equity in a private home to help low and middle income earners buy a property.

Under the policy, a Labor government would pay for up to 40 per cent on a new home and 30 per cent on an existing home for couples earning up to $120,000 and singles earning up to $90,000.

Labor leader Anthony Albanese holds a press conference in Perth.
Labor leader Anthony Albanese will make his pitch for becoming prime minister at today’s party launch in Perth. (9News)

It is expected to be the centrepiece of Labor’s campaign launch at Optus Stadium in Perth as Mr Albanese looks to highlight cost-of-living pressures as a key issue for voters.

The campaign launch takes place at 1pm AEST and will be livestreamed on 9Now and 9news.com.au.

The policy, called Help to Buy, will be available for up to 10,000 households a year.

The Reserve Bank is expected to increase interest rates for the first time in more than a decade on Tuesday, further raising pressures on homeowners which have seen the cost of basic items soar in recent years.

Mr Albanese will use the campaign launch to outline his vision of Australia for which he hopes to become prime minister after the May 21 election.

Under a Labor plan, the federal government would take a major stake in private housing to make property more affordable. (AAP)

Former prime minister Kevin Rudd and WA Premier Mark McGowan will also be at the campaign launch today.

Other Labor policy announcements are also expected to be made including more detail on the price of medicines under the Pharmaceutical Benefits Scheme.

Meanwhile, Prime Minister Scott Morrison will today announced a technology policy aimed at increasing parenting controls on devices to keep children safer online.

Source: 9News

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