Stay up-to-date by signing up to receive Michael’s eNewsletter.Subscribe Now
Question Time: Home Ownership in Australia
Mrs McINTOSH (Lindsay) (14:40): My question is to the Minister for Housing and Assistant Treasurer. Will the minister update the House on how the Morrison government is on the side of Australians who choose to buy their own home? Is the minister aware of any alternative policies?
Mr SUKKAR (Deakin—Assistant Treasurer and Minister for Housing) (14:40): I thank the member for Lindsay for her question. The member for Lindsay, before coming to this place, had a great history of experience in the housing sector. I say to the member for Lindsay and, indeed the whole House, that the Morrison government’s supporting hardworking Australians trying to get into a new home. We’ve already passed the First Home Super Saver Scheme, which has helped 3,500 first home buyers get into the market—a policy opposed by those opposite. We are working on the First Home Loan Deposit Scheme, which will start on 1 January next year, which will allow first home buyers to purchase a property with a five per cent deposit supported by the government. We’ve also set up the National Housing and Finance Investment Corporation, which has already assisted with 560 new affordable homes throughout Australia. We’ve also removed the impediments for older Australians looking to downsize, freeing up more housing for the next generation. That’s why we’ve seen so much confidence flow back into the housing market since the election of the Morrison government.
I’m asked by the member for Lindsay about alternative policies. And, surprise, surprise, there are some alternative policies that are relevant here. Indeed, I note that today a report was released by Deloitte Access Economics, analysing the impacts of Labor’s housing taxes—abolishing negative gearing and doubling capital gains tax.
The House would be interested to know that this report found that construction of new housing would fall; 7,800 construction jobs would be lost; rents would increase; construction activity would reduce by $766 million; and GDP would be hit by $1.5 billion. So it’s no surprise that the disastrous housing taxes have mysteriously disappeared from the ALP website.
We’ve got the co-architect of the housing taxes, the member for Rankin, along with the member for McMahon and the member for Maribyrnong left carrying the baby. I’d say to the Leader of the Opposition: stand up to the member for Rankin and decide whose side you are on. Are you on the side of the 42,000 nurses who have invested in property? Are you on the side of the 1.2 million Australian workers in the building industry?
Are you on the side of potential first home buyers? From Canning to Chisholm and from Leichhardt to Lindsay, we are backing hardworking Australians to get into the housing market.
Click here to access a PDF version of the Hansard extract of this speech.