Jacinta Collins (Victoria, Australian Labor Party, Shadow Cabinet Secretary) Share this | Hansard source

Labor is supporting abolition of the First Home Saver Accounts and therefore opposes these Greens amendments. While this is not necessarily a saving that we would have made ourselves in government, Labor is willing to work constructively with the government on sensible savings measures. Unfortunately, the take-up for First Home Saver Accounts has not been as high as we had expected. Approximately 50,000 accounts have been opened, containing a total combined savings of only $540 million. This was reflected in the report of the Senate Economics Legislation Committee on this bill. At the time, as they were moving these amendments, I note that the Greens are supporting the government's unfair pension changes, which will have a far more significant impact. The Leader of the Greens Party, Senator Di Natale, and his colleagues have been duped into accepting a $2.4 billion pension cut in exchange for a six-week extension to the deadline for submissions to the tax inquiry.