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Question Time: Supporting First Home Buyers
Ms FLINT (Boothby—Government Whip) (14:25): My question is to the Minister for Housing and Assistant Treasurer. Will the minister inform the House how the Morrison government’s strong and stable budget is helping Australians get into their first home? Is the minister aware of any alternative approaches?
Mr SUKKAR (Deakin—Assistant Treasurer and Minister for Housing ) (14:25): I particularly thank the member for Boothby for her question. Like the Prime Minister, the Treasurer and myself, the member for Boothby understands that we must be steadfast in providing certainty and stability to the Australian people by honouring our commitment to deliver—
Mr Perrett interjecting—
The SPEAKER: The member for Moreton is warned!
Mr SUKKAR: a budget surplus and also to manage the economy prudently. Strong and stable budget management gives confidence to the economy more broadly. But, as we’ve seen since the election, that gives confidence to the housing market. And, most importantly for the policies that we are progressing as a government, it gives confidence to those many hundreds of thousands of young Australians who are looking to get into the housing market.
The alternative, though, if you don’t manage a strong economy and if you don’t prudently manage the budget, is that you cannot do the things that this government is doing. I was very pleased that last week we passed our signature policy that we took to the election, which was the First Home Loan Deposit Scheme. From 1 January, 10,000 Australians will be able to purchase a property with a deposit of as little as five per cent. We know that for prospective first home buyers saving that deposit is the hardest part. In Melbourne it’s taking up to eight years to save a deposit. In Sydney it’s taking up to 10 years to save for that deposit. But when you manage a budget properly you have the ability to fund programs like the First Home Loan Deposit Scheme.
That may partly explain why our other outstanding policy assisting first home buyers, the First Home Super Saver Scheme, was so strongly opposed by those opposite. Mr Speaker, can you believe that the Labor Party went to the election opposing a policy that gave a tax cut to first home buyers? Five thousand first home buyers have utilised the First Home Super Saver Scheme—
Mr Albanese: What!
Mr SUKKAR: The Leader of the Opposition said, ‘What?’ as if in surprise—
Mr Morrison: He didn’t know!
Mr SUKKAR: He doesn’t even know what policies they took to the election. You voted against it! Don’t you know what you voted against?
The SPEAKER: I will just say to the Assistant Treasurer that I didn’t vote against anything. I don’t, and he can just put his remarks through the chair.
Mr SUKKAR: Sorry, Mr Speaker. Of course, the Leader of the Opposition is very confused about what he voted against. The First Home Super Saver Scheme has helped 5,000 first home buyers to buy a new home. And now, the First Home Loan Deposit Scheme is going to assist 10,000 new first home buyers per year. That’s what this government is doing. That’s what a stable budget and prudent economic management can deliver, unlike those opposite, who have opposed us every step of the way.
Please click here for a PDF copy of the Hansard extract for this speech.