Luke Gosling (Solomon, Australian Labor Party) Share this | Hansard source

This is a budget for aspiration. If you are a young Australian trying to get into a home, this is a budget for you. We know that housing prices have risen more than twice as fast as average incomes have. A lot of young people now need to go to the bank of mum and dad to buy a home, and obviously that's not available to everyone. But, even then, homeownership for young Territorians is in decline. The federal government's tax changes to negative gearing and capital gains tax will help more Australians get into the housing market. These changes are prospective. They'll support more first home buyers to enter the housing market over time. We are exempting new builds. These changes are part of a package of reforms that also include the Last Mile infrastructure for roads, water and power that will support increased housing supply. That's combined with the federal Labor government's five per cent deposit scheme for first home buyers, which has helped 1,350 young people in the electorate of Solomon. That's young people in Darwin and Palmerston, first home buyers, 1,350, helped to purchase a home with that five per cent home deposit scheme. We're also helping with more tax cuts—two more tax cuts—a $250 Working Australians tax offset combined with an automatic $1,000 tax deduction. We're supporting Territorians and Australians.

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