Mark Stoffels of G.J. Gardner Homes said the government plan was a form of saving that came with tax benefits to boost people’s chances to buy their own home.

“The crux is you have to save hard and sacrifice if you want you own home but this program at least provides some income tax advantages over a general saving account that people have never had before and that is better than nothing,” he said.

People can put up to $15,000 a year, capped at $30,000 in total, into their superannuation for buying their first home from July 1.

“Couple this with the New Home Grant scheme and people are $35,000 better off.”

He also called for incentives to encourage people to build in regional areas.