Tim Ayres (NSW, Australian Labor Party, Minister for Industry and Innovation) Share this | Hansard source

I'm learning, President: I'll only get up when you tell me to get up! I want to thank Senator Dowling for that question. As he said, it's not his first speech. His first speech is this evening, and I'll be here. I'm very much looking forward to it.

It is a familiar story: young Australians all over Australia, including in Tasmania, working hard and trying to save, save for a deposit, but homeownership only moves further out of reach for them. For many young people, it has felt—until the last election—impossible for them to buy their first home without help from their parents or without support.

Saving up to 20 per cent of the price of a house for a deposit is a massive hurdle for young Australians, particularly if you are already renting year after year, paying somebody else's mortgage. That's why the Albanese Labor government promised that all Australians will be able to buy their first home with a deposit of just five per cent. That will be the case for every first home buyer in Australia from 1 October this year. That is the Albanese government delivering on what it promised to do in the election, and delivering early for young Australians. Thirty-seven days from today, homeownership will be achievable again for young Australians.

This is about fairness and making sure that everyone has the chance to buy their own place, to buy their own home. It's not the totality of the government's measures, but it's an important measure, and it sends a practical message of hope for young Australians.