Barbara Pocock (SA, Australian Greens) Share this | Link to this | Hansard source

My question is to the Minister representing the Minister for Housing. House prices across the country are out of control. Prices are rising at their fastest pace in more than two years. It's scary out there. National home values rose by one per cent in the single month of October and 6.1 per cent over the year. More renters and first home buyers are being pushed into housing stress and into overcrowded share houses and longer commutes. The government's own policies are turbocharging the housing crisis. Labor's failure to reform the 181 billion tax breaks going to wealthy property investors and your five per cent deposit scheme are pitching first home buyers against a rising tide of speculative investors at auctions. First home buyers don't stand a chance. Minister, why are you choosing to back wealthy property investors' and banks' profits over first home buyers'?

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

This government is backing Australians who don't have a home being able to buy a home with a five per cent first home buyers deposit, with a massive, unprecedented program of Commonwealth engagement in supporting the states and private sector to build homes. The opposition over there would have more credibility if they didn't want prices to go up and down all at the same time, and the Greens would have more credibility if they weren't protesting against every housing development that ever happened.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Pocock, first supplementary?

Barbara Pocock (SA, Australian Greens) Share this | Link to this | Hansard source

Minister, we are facing a speculative housing price bubble that is accelerating at an alarming race. The RBA's data shows that investor borrowing is outpacing owner-occupier borrowing. It's worrying regulators. First home buyers are being outbid at auctions by wealthy property investors. The obvious solution to this housing crisis is to wind back the enormous tax advantage for wealthy property investors, so why won't you?

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

Because we're focused on supply, and we're focused on making sure that young people, who the Greens political party used to care about, have an opportunity to get a five per cent housing deposit for their very first home.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Pocock, second supplementary?

Barbara Pocock (SA, Australian Greens) Share this | Link to this | Hansard source

Labor's five per cent deposit scheme is driving up house prices, especially for entry-level, lower- and medium-priced houses. They are on steroids. They are going through the roof, making the dream of owning a home a fantasy for many while the banks and wealthy property investors are cashing in. Banks are on track to rake in more than $30 billion in profits in this current financial year. Minister, can you see why so many Australians think Labor is failing us?

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

You know what young people tell me? Young people tell me that the five per cent deposit for first home buyers is the first time in decades that they have seen a chance for them and their families to buy a home. That's what they say. That's what happens in the real world. That's what happens to people in the housing market who want to get their foot on the ladder so that they are paying off their own mortgage, not somebody else's.