Meryl Swanson (Paterson, Australian Labor Party) | Link to this | Hansard source

Today is a landmark day. Today the Australian Labor Albanese government has reinvigorated the great Australian dream, which—let's face it—was becoming a nightmare, particularly for young people. We have stared down the darkness. This is the cold, hard light of day. We know that we need to give particularly young people but all people who want a home the opportunity to own their own home. It is the great Australian dream. For too many young Australians, owning a home is about more than having a roof over your head. It's about security. It's about stability. It's about the opportunity to build a future in communities that they love. For too many people across my seat, my beautiful region of Paterson, that dream has felt increasingly out of reach. Today's changes to the law have changed that.

In communities like Maitland and Port Stephens, we're seeing pressures that come with rapid growth. Almost 96,000 people now call Maitland home, and we welcome around 2,000 new residents every year. By 2041, that number is expected to reach 145,000 people. Our region's growth is a sign of strength. People love the Hunter and Port Stephens. It's a brilliant place to live and work and raise a family and just have a good life. But that strong local economy and low unemployment and industries like mining and manufacturing and construction are so important. In 2024, figures showed that Maitland was growing by six people every day, but with that growth comes challenges. Housing demand across Maitland and the wider Hunter continues to outstrip supply. More people are choosing to live in regional Australia, and that's pushed up house prices and rental costs, creating real pressure for young people and all people trying to get ahead.

I regularly hear from young people who work really hard, and they are saving and they do make sacrifices. This generational warfare where you see people say, 'The young people won't give up their smashed avocado,' is bollocks. They really work hard, and they want to strive and do well, like every generation that's preceded them has. They're no different. That's why these housing measures in this budget and the laws we've passed today really matter. That's why we're giving more Australians a fairer go at owning their own home, making sure the dream of homeownership remains within reach.

We're already seeing the difference that the programs we've already initiated are making. Across my electorate, 2,323 people and families have already taken up the first-home guarantee, helping them purchase a home with just a five per cent deposit. That's 2,323 families that are in homes. Behind that figure are young couples buying their first home, close to family; families putting down roots in their local community; and essential workers getting the opportunity to stay in the towns where they work and contribute every day. The first-home guarantee removes one of the biggest barriers to entering the housing market. Eligible first home buyers can purchase a home with a deposit of as little as five per cent without paying lenders mortgage insurance, saving thousands of dollars and helping them get into a home sooner.

The Albanese government is also expanding the Help to Buy scheme, which will help even more Australians achieve homeownership. Under Help to Buy, eligible Australians can buy a home with a deposit of as little as two per cent. The Australian government contributes up to 40 per cent of the purchase price of a new home or up to 30 per cent of an existing home by way of a loan, and that reduces the size of the mortgage and makes repayments more affordable. The scheme is available to eligible singles earning up to $100,000 a year and couples or single parents earning up to $160,000 a year. Participants must live in the home they purchase, and anyone wanting to learn more about this should visit Housing Australia and check their eligibility to find out further information. These programs are working, and people are embracing them.

Importantly, support is also available through the family-home guarantee, which helps eligible single parents purchase a home with a deposit as little as two per cent. For single parents balancing work and family responsibility and the cost of living, this support can make a real difference. It can provide stability, security and a pathway into homeownership that may otherwise have been totally out of reach. These initiatives are about more than housing. They're about helping all Australians build a future that we can rightly be proud of.

House adjourned at 1 7 : 00