Former Howard government minister Peter McGauran has described Prime Minister Anthony Albanese’s new property purchase as an “appalling” misjudgement amid a cost of living and housing crisis.

“The Prime Minister’s appalling or outstanding misjudgement in purchasing a $4.3 million residence at this time when cost of living and housing affordability will decide the next election,” he told Sky News Australia.

Mr McGauran’s remarks come as Mr Albanese is on track to buy a $4.3 million house at Copacabana on the New South Wales Central Coast – an area his wife-to-be is from.