Housing
Transcript
Date: 1 July 2024
Ms WARE (Hughes): After two years, the Albanese Labor government has continued to fail Australians on housing. Today's the day that the Labor government is apparently going to start building 1.2 million homes for Australians. After two years, the only thing this government has constructed in the housing sector is a bureaucracy costing $30 million so far. In the meantime, Australians, especially gen Z and millennials, have all but given up on homeownership. Homeownership now has never been less affordable in this country. It used to take on average months or a couple of years to save for the average deposit for the average home on average Australian salaries. Now it is 12 years. To service an average loan in Sydney, it takes an income of over $280,000. The seventh largest lender now is the bank of mum and dad. This means that we in Australia are now approaching the position that whether you own a home or not will depend upon the circumstances of your birth. This is untenable.
That is why the coalition has announced that it will allow Australians to access up to $50,000 of their superannuation balance to purchase their own home. We will also implement a two-year ban on foreign investors and temporary residents purchasing existing residential property. We'll also reduce the permanent migration program for two years only by 25 per cent in recognition of the urgency of this housing crisis. The coalition understands how important homeownership is to Australians while this Labor government continues to fail on housing.