Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

I'd make two points. The first is that this is a plan which will save first home buyers about $1.5 billion in potential mortgage insurance over the next 12 months, so there's a billion-dollar figure. These are first home buyers. The second point I would make is that I'm advised by Senator Gallagher that, obviously, the liability only arises on default and that the scheme has an extremely low default rate of less than 0.003 per cent. (Time expired)