Shared equity does have some potential if it is used to help people move out of public housing and into private ownership.

The problem with Labor’s plan is that it’s not asset-tested and is open to anyone who doesn’t own a home.

This means someone could sell their current home, invest in the stock market, live off the dividends up to $120 000 and then get a $400,000 government subsidy on a $950 000 new home on the water in Lake Macquarie.

It’s very poor public policy.