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

I thank Senator Kovacic for her question. I do recall the Prime Minister saying that. My recollection—I'll check if I'm wrong—is that that was when we were announcing our Help to Buy shared-equity scheme. The specific purpose of that plan is to enable workers to gain access to homeownership and to provide assistance through government so that more people can enter the market without having to deal with mortgage insurance.

I'm sure you'd be very happy to know that some 40,000 Australians have saved up to 40 per cent of the cost on their own home as a result of that program—the Help to Buy shared-equity scheme. As a result of that plan, which was announced in the 2022 election and delivered by a Labor government, 40,000 workers have saved up to 40 per cent on the cost of their home. We on this side think it is a good thing to have more Australians owning their own home. I appreciate that those opposite have a different view. They think the status quo is just fine, and I would invite them, as I did yesterday, to talk to so many Australians about where the housing market was prior to this government and the extent to which young Australians, first home buyers, were locked out of the market.

We on this side do not think that was acceptable, so we have acted unashamedly, just as you have blocked us unashamedly. But we have prevailed, and legislation has passed through this parliament which is ensuring that first home buyers get a fair crack—a level playing field—so they can get their foot into the housing market, which we think is a good thing for not only them and their families but the country.