Jana Stewart (Victoria, Australian Labor Party) | Hansard source

I appreciate it. Thank you.

On the topic of housing and first home buyers, which was talked about: we are changing the property investor tax breaks to give first home buyers a chance of getting into their first home—to give first home buyers a fair go. There is not a single person who says that the housing market is not broken. You can speak to a young person who, for such a long time, felt like getting into their own home was completely out of reach for them, and now, for the first time, young Australians have hope—they feel like it is something within their reach. It's not just young people who have concerns about the housing market. It's their parents. It is grandparents who have concerns about their grandchildren being able to get in to the housing market.

If we agree that the system is broken—that it's not working for everyday Australians trying to get into get in to their own home—then we have a responsibility to do something about that. We cannot just sit on the sidelines and allow these things to continue happening.

Since we announced our changes, we have been hearing more and more stories of first home buyers going along to auctions and securing their first home, thanks to Labor's changes. Hopefully, you've seen some of those headlines too. It is a good thing for Australians to feel like owning their own home is within reach, and even better that they are realising that dream for themselves. And this should absolutely be the rule and not the exception.

The other change we've made to help young Australians realise the dream of owning their own home is a change to the rules so that a first home buyer needs only a five per cent deposit. It cuts years off the time that young Australians need to save for a deposit, helping them get into their home sooner. The other thing that we've done to help first home buyers is: we are building 100,000 new homes just for first home buyers, not for property investors.

Lower taxes, higher pay and a fair go for families and first home buyers—those are the real changes that matter to Australians. And they're the real changes we'll keep delivering.