Gabriel Ng (Menzies, Australian Labor Party) Share this | Hansard source

I rise today to speak about one of the most pressing issues facing people, especially younger people, in my electorate of Menzies: housing. Over the last 20 years, homeownership rates have declined across Australia, most sharply amongst young Australians. Amongst 30- to 34-year-olds, ownership fell from 57 per cent to 50 per cent between 2001 and 2021. Amongst 25- to 29-year-olds, it has dropped from 43 per cent to 36 per cent. We cannot continue on this trajectory. Homeownership sits at the heart of intergenerational inequality. In 2002 the median dwelling price was 4.4 times the median income. Today it is 8.9 times. There's no denying it is harder to buy a house and harder to save for a deposit.

As co-chair of Parliamentary Friends of Housing, I am committed to ensuring Australians have access to affordable, secure and quality homes. After nine long years of neglect and drift on housing policy by those opposite, our government is tackling the housing crisis. For most of those nine years the Liberal-National coalition did not have a housing policy. They did not even have a housing minister for most of the time they were in government. They only built 373 social and affordable homes while, across the country, waiting lists for those in most need of secure shelter ballooned. That is why the Albanese Labor government is acting.

Our home guarantee scheme allows first home buyers to enter the market sooner by requiring only a five per cent deposit or, for single parents, a two per cent deposit. This reduces the time needed to save for a deposit from around a decade to just a couple of years. For the people of Menzies, this is already making a difference. In my electorate, 420 people have purchased their first home with a deposit of five per cent or less through this program.

We are also increasing the supply of social and affordable housing. Through the Housing Australia Future Fund, 102 homes in Box Hill are being delivered in the first funding round. In addition, new and refurbished social homes are being delivered across Manningham and Whitehorse local government areas through the social housing accelerator, providing support to some of those most in need, such as those fleeing domestic and family violence.

Support is also being provided for renters. We have delivered consecutive increases in Commonwealth rent assistance, lifting maximum rates by almost 50 per cent since coming to government. In my electorate alone, 5,315 people have now received this support. We are also expanding long-term affordable rentals through our build-to-rent program, with 425 new homes in Menzies under construction or in planning.

While we know there is still more work to do, this represents real progress. For the people of Menzies, it shows that we are serious about delivering on housing. Whenever I'm doorknocking or speaking with residents at local street stalls, housing is the issue young people raise most often. Many say they fear homeownership is permanently out of reach. I hear similar concerns from those in their 30s or 40s with families, including those in dual-income households, who still struggle to buy in well-located communities. I hear it from the parents of young people as well. They fear their children will never be able to live close to them and that they won't be able to play a role in raising their grandchildren.

Housing is a fundamental human need. Ensuring access to secure housing is a responsibility governments must take seriously. Since coming to office, the Albanese Labor government has advanced the most comprehensive housing agenda in decades. More than 220,000 Australians have entered homeownership through the five per cent deposit program nationwide—that is, more than 220,000 hardworking Australians have overcome a massive, life-changing hurdle when it comes to owning a home.

Our broader housing agenda represents a $45 billion investment focused on building more homes, making purchasing easier and improving rental security. We are working with the states and territories and with industry to meet a national target of 1.2 million new homes. Around 500,000 homes have already been completed, since 2022, and tens of thousands more are in planning or construction. I am proud to be part of a government focused on practical action and real outcomes. For the people of Menzies, this work is about restoring confidence in secure housing and homeownership. It's about making sure that those remain achievable goals for Australians who work hard and contribute to their communities. I'm proud to be part of a government that understands the needs of Australians and takes actions to support them.

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