Tom Venning (Grey, Liberal Party) Share this | Hansard source

The Labor government has commenced its five percent home deposit scheme, which should really be called the 'larger loans for longer' scheme, because that's exactly what this policy does. It drives up house prices, leaving first home buyers paying massive loans for the rest of their lives. But don't take my word for it. Treasury modelling, property experts and economists alike are all sounding the alarm on this reckless scheme. Yet the government has put its blinkers on and dressed up this scheme as a win for first home buyers, but the only winners are the banks. You don't need an economics degree to understand the flaw of this scheme. It's the first economics principle that I learned in university—a concept understood by many Australians, but clearly not by Labor. I seek leave to table this document.

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