Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. I refer to the Treasurer's proposal to allow early access for superannuation for housing, a proposal that the communications minister has labelled a thoroughly bad idea. What does the Treasurer say to the former Treasurer Peter Costello, the finance minister, the communications minister, and, today, his former boss Peter Collins, who all oppose his proposal?

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

I call the Treasurer, the Hon. Joe Hockey, who will respond to the question in general terms.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

As part of the response to the Intergenerational reportthere have been a number of submissions, as there were submissions in relation to the budget. A number of those comments related to the affordability of housing for young Australians. We think it is a big issue. We think that the question of how young Australians will be able to afford to get into their first home is a very significant issue. Currently, it is roughly the case that you need to have over four times your annual income to buy the equivalent of a home—

Mr Husic interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Chifley is warned!

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

whereas two decades ago it was around 2.6. Of course, there have been proposals around for a rather long period of time. The Real Estate Institute of Australia has had a proposal on the table for quite some period. I was doing a bit of cursory research as to who, formally, actually came up with the proposal for the first time. I know my colleagues will not believe it, but the first proponent of using superannuation to help pay for first-home ownership was Paul Keating. I know this guy here was too young to be born but, in a 1993 election campaign speech, Paul Keating stood up and said, 'Young Australians should be able to use their superannuation to purchase their first home.' Paul J Keating—I know he is a mate of yours. Pick up the phone to him. I tell you what: there is a lot of hypocrisy in this debate and no more a hypocrite than one sitting at this table, right over there. As I said before, you have always got to remember your history with the Labor Party. You cannot forget the Labor Party, the Labor Party that chooses to forget its history. But do you know what? We have got some fantastic researchers on our side and we are always watching you.

Opposition members interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

There will be silence on my left! I would remind the Treasurer that the word 'hypocrite' is unparliamentary. I warned him on the last occasion. I would ask him to withdraw.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I withdraw.