Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

The Economic Security Strategy will strengthen the Australian housing market by providing $1.5 billion over two years through the first home owners boost.

The first home owners boost will stimulate housing construction and provide assistance to first home buyers to give them a better chance of owning their own homes.

In addition to the first home owners scheme grant, first home buyers who purchase established homes will receive an extra $7,000 to take their grant to $14,000. First home buyers who purchase a newly constructed home will receive an extra $14,000 to take their grant to $21,000.

The first home owners boost will be available to eligible first home buyers who enter into a contract between 14 October 2008 and 30 June 2009.

To implement the measure, Appropriation (Economic Security Strategy) Bill (No. 2) 2008-2009 proposes an appropriation of some $1.2 billion for the Department of the Treasury to pay to the states and territories. Those payments will cover the increased costs that the states and territories are expected to incur during 2008-09.

This initiative will help strengthen the Australian economy during difficult global economic times. It will build a stronger Australian housing market and make home ownership accessible to more Australians.

I commend the bill to the House.

Debate (on motion by Mr Pearce) adjourned.