Alice Jordan-Baird (Gorton, Australian Labor Party) Share this | Hansard source

I'm a proud millennial. I speak the language of the Veronicas, Round the Twist, Twilight and too many peace signs. But, like every young person in this country, I know that our housing system is cooked. In 1980, the average home cost about three times the annual income and took three years to save for. In 2000, it cost about four times the annual income and took seven years to save for. But, today, your first home costs eight times the annual income. It takes 11 years to save for. And first home buyers face the reality that they may never pay off their mortgage. Young Aussies have got a housing system that is stacked against them. They're doing the right thing—studying, picking up a trade, working hard and saving—yet, still, they get to auctions and are outbid by investors next to them who are backed by the Australian taxpayer.

What our government wants is something simple: for young people to get a fair go at owning their own home, because, right now, it's easier to buy your 10th house than your first, and that's just not right. Our budget is backing first home buyers and levelling the playing field at auctions, like with five per cent deposits for first home buyers. In my electorate of Gorton, over 3,000 people have bought their first home thanks to our five per cent deposit scheme. It's changing lives and it's doing this for families right across the country. And, to make housing more affordable, we need to build more homes. Young Aussies don't want to pay rent forever. We want more sold stickers across our communities, put there by young Australians.

See this speech in context