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

That is untrue, Senator Bragg. As a result of the government's policies, there will be 35,000 more houses built than in the absence of the government's policies, including those in the budget, and you know that. What I would also say is that you understand there are two issues here. One is the composition of those who own homes, and one is the number of homes. Not only are we adding to supply; we are also determining through the changes we are making—and you would understand this—a different composition in the housing market because we want more owner-occupiers owning homes. It's as simple as that. You know that the way to ensure that we get first home buyers into the market is to level the playing field for them. The problem with your position is that you are insistent that they are not entitled to a level playing field. That is the position of those opposite.

We have been clear that the impact of our tax and other housing policies will increase housing supply by at least 30,000 over the medium term, including through the $2 billion Local Infrastructure Fund, which will support up to 65,0000 homes. In addition, the tax changes that we have announced will see 75,000 additional owner-occupiers over the decade. That is the position that the government has set out in the budget. That is what Treasury is clear in its advice on. That is the effect. The reality is that you on that side are happy with the status quo. Young Australians are not happy with the status quo. (Time expired)