Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Hansard source

I thank the member for Moreton for her question. We have a $43 billion Homes for Australia Plan. That is something that is helping more first home buyers, something that is helping to expand homeownership and something that is assisting renters but also supporting people by expanding social housing. The figures are in: new home starts are up strongly. New dwelling commencements were up 17 per cent in the March quarter. Completions of new homes are up 3.7 per cent compared to a year ago. All up, nearly 500,000 new homes have been added to stock since we came to office. Housing approvals are up 30 per cent compared to a year ago. And, in 2023-24, almost 9,000 more firms entered the building industry than exited. Importantly, construction cost inflation has fallen from a half-century high under the former government. It was at 17 per cent when the coalition left office, and it has fallen down to 1.6 per cent under Labor.

Yesterday, we announced our fast-tracking of the five per cent deposit plan. I note the support that that has received from first home buyers. It means wiping years off the time it takes to save for a deposit and saving thousands of dollars in mortgage insurance. Overwhelmingly, this has been welcomed by young Australians, who dream of homeownership. But I regret to inform the House that it hasn't been welcomed by everyone. Yesterday morning, the coalition's housing spokesperson went on 2GB and said, 'Why should the children of billionaires get access to a government program?' He was talking about the children of billionaires. But, by the time he got onto Radio National, the class war was advancing. This is what he said:

This is an uncapped scheme which is available to billionaires …

The idea that if you are a billionaire you're out there worried about whether you get a five per cent deposit or a 20 per cent deposit—that probably isn't the objective of the people this is aimed at. It's aimed at people like Abbey and Lachie who we met yesterday. They're 23-year-olds who are trying to get into their first home and who've stayed with Abbey's mum and dad in order to save a deposit. But it's extraordinary that those opposite just don't get it.

Yesterday they were going to have the vote on it in the Senate, but it's been postponed for a day because their housing spokesperson was in his second home, at the Sky News studio. He was on Credlin, being interviewed by Steve Price, because not even Credlin was on Credlin last night!

See this speech in context