Adelaide’s cityscape may soon undergo a transformative change, spurred by a bold half-billion-dollar commitment from the state’s premier. This potential development hinges on the outcome of the upcoming election, where the Labor party aims to maintain its hold on power.

South Australia’s Premier, Peter Malinauskas, announced today a substantial $500 million initiative designed to invigorate central Adelaide’s housing sector. This ambitious plan would see an influx of new apartment buildings rise within the CBD, reshaping the skyline and addressing the pressing demand for urban housing.

Under this proposal, Labor has committed to acting as a guarantor for developers engaged in off-the-plan construction projects. This move is intended to encourage more development and increase housing availability in the heart of the city.

“Our city needs to expand both outward and upward to ensure that future generations have the opportunity for home ownership,” Malinauskas emphasized. He further criticized past political inaction, asserting, “The housing crisis gripping our country is a direct result of too many political leaders standing idly by as the issue unfolded in plain sight.”

“The reason we have a housing crisis in this country is because there have been too many political leaders who sat on their hands and watched it happen before their eyes.”

A maximum of $30 million per project will be on offer to finance the builds and kickstart construction.

“2400 apartments are ready to go in our CBD right now, they’ve got the development approval, they just need the pre-sale financing requirements,” Malinauskas said.

The money is aimed at clearing the backlog of already approved apartments and encouraging city living.

The Liberals have criticised the “niche” policy but are yet to announce any plan to unlock more housing in the CBD.

“We’re not saying it’s not something we’d do, but just on the face of it, it looks like an awful lot of product for potentially a small amount of product,” opposition spokeswoman Michelle Lensink said.

Should Labor be re-elected, the policy will begin next May.