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

Thank you to the senator for the question, and, as I've said previously, as the Prime Minister, the Treasurer, the Minister for Finance and others have said, our changes are about backing first home buyers and levelling the playing field. The reality is we all know that house prices have increased. I think it's in the order of 400 per cent since 2000. We know from our engagement with so many Australians that it is so much harder for young Australians to get into the housing market. We don't believe that status quo is acceptable. That is why we passed the reforms that we have.

In relation to house prices, what I'd refer you to is that the forecasts that were referenced in the budget papers indicated house prices will continue to grow, and that the changes in the budget would mean that house prices would be two per cent lower than they otherwise would have been. Obviously, that is the Treasury's modelling, and the modelling is the basis on which the government considers these policy matters.