Brian Mitchell (Lyons, Australian Labor Party) | Hansard source

Across Australia, 16 per cent of Australian adults employ the services of a financial agent or planner—that's 3.2 million people. Millions of Australians are investing their hard-earned money and faith in financial advisors and planners. They direct the future of many people's lives and, importantly, their retirements. That's why it's so important that the amendments before the House pass through this place.

I want to reflect on how this bill assists first home buyers. In Tasmania more than 4,000 people are currently on the public housing waiting list. We are living through a deep housing crisis, made worse in no small part because of 10 years of inaction by those opposite. Young people are struggling to find affordable rents, and the dream of buying their first home seems like a distant dream that may never be achieved. Deputy Speaker Goodenough, as you'd be well versed, there was a bill before the Senate—and there will be another bill before the Senate before too long—that would build 30,000 new homes over the next five years. When you build more homes you increase supply. When you increase supply, you get more choice for renters. When renters have more choice, they have better options when it comes to choosing which rental they go into, and it brings the price pressures down. I say to the Greens in particular, who are really holding this up in the Senate: if you want real rent relief, pass the bill that will be before the Senate, because that is how you get it done. When you increase supply, you bring down price pressure, and you increase competition for quality tenancies.

Back to providing greater flexibility for first home buyers—that's what the government is doing through the First Home Super Saver Scheme. We are allowing people to fix mistakes as they go and to give them the best opportunity of success through the scheme. This is about empowering first home buyers to break into the market. I think back to the distant days of my youth. I reckon I would be a lot wealthier now if I had never made a mistake with my finances and future plans, but I'm human, and so mistakes did happen. The same happens to our young people today, and they deserve the opportunity to correct their financial mistakes so they don't gravely impact their future.

In reflecting on the benefit of schedule 1 to this bill, the product intervention orders made by ASIC against predatory short-term credit and continuing credit contracts just this month is testament to the work that can be done with the passage of this bill. Payday loans, instant money loan schemes and other short-term and continuing credit loans are too often nothing but predatory marketing campaigns targeted at the most vulnerable Australians. These quick money schemes sound like a good idea when people are strapped for cash and needing quick assistance, but in reality they can keep people poor. The high level of fees, interest and repayment rates mean people are constantly chasing their tail, trying to keep up the repayments, and some people fall into the trap of using multiple lenders, which can exploit loopholes to skip credit check processes required of financial institutions. The Albanese government is cracking down on these predatory lenders to protect Australians.

Debate interrupted.

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