Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
2:15 pm
My question is to the Minister representing the Prime Minister, Senator Wong. The government continues to cover up secret Treasury modelling that shows how much Labor's expanded home guarantee scheme will push up prices. Why won't the government release these secret documents?
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
I'm sure that you will continue to press for the release of whatever documents the Treasury is utilising, but I think you have heard the Prime Minister, the Treasurer and perhaps it might have been Senator Ayres, because he was in the Treasury estimates, talking about what advice was provided or the sorts of quanta that their modelling indicates, which is not consistent with the sort of fearmongering that you're engaging in. But while we're on the chamber of secrets, I really give you the opportunity, Senator, to break open your own chamber of secrets and explain to us when the super-for-housing policy that you felt so hard for was actually junked. We were amazing to see, in your transcript, Senator, that this major election policy that you fought for had been junked.
Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
A point of order on relevance. I'm just re-reading. I didn't—
Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
I'm just checking—
Sue Lines President
Senator Bragg, resume your seat. When I ask you to resume your seat, that's exactly what you should do. Minister Wong, I am going to direct you to Senator Bragg's question.
Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
Which was about the secrets—
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
I am talking about the secrets. I'm talking about the secret policy announcement that wasn't an announcement but was an announcement. We are interested in whether or not the super-for-housing policy has actually been permanently junked.
Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
A point of order on relevance—the question was about the secret reports not about the superannuation.
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
I think you've been advised this on a number of occasions, but I'm happy to do it again—the Treasury advice indicates that the impact of this policy on house pricing will be minor.
Anne Ruston SA, Liberal Party, Shadow Minister for Health and Aged Care
You're supposed to release the documents.
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
Senator, I'm giving you an answer around the advice that I understood had been provided was around half a per cent over six years, and the facts are that other factors have a much greater influence on house prices, including interest rates and supply, which brings me to the point that I think is of relevance. Senator, if you are keen on reducing the growth in housing prices, perhaps, instead of wandering around secretly announcing the junking of your policies, you might actually want to think about what it is you support for housing supply. Housing supply is fundamental to making sure we have more affordable pricing.
Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
2:18 pm
The Prime Minister said the Treasury modelling detailed that the home guarantee changes, which you just referred to, would push up prices by 0.5 per cent. In October alone, however, house prices went up 1.1 per cent overall and 1.2 per cent in entry-level houses, so it seems the modelling is already wrong. Is that why we can't see the modelling?
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
2:19 pm
Senator, there's a wilful disregard for the very transparent answers that have been given in the other place and in this chamber. We have told you, now on more than one occasion, what the price impact that the Treasury modelling disclosed is. So we provided that information. I know you don't like it, but we've actually provided the information. He is getting all heated up on getting information that we have actually given him. He just doesn't like the answer. Now, in terms of why house prices have moved in this last quarter, I again refer you to my earlier answer, which is that there is more than one factor in the housing market which is going to affect supply. I know that it is politically convenient for you to look only at one factor.
Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
A point of order on relevance: the question was, 'Why can't we see the modelling?'
Sue Lines President
Senator Bragg, the minister is being directly relevant to your question. Minister Wong, please continue.
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
Senator, I will certainly look at what the Treasury's advice is. As Senator Gallagher outlined today about the hundreds of OPDs this government is dealing with, I don't have in my head the precise number that you are talking about. (Time expired)
Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
2:20 pm
With or without Labor's secret modelling, house prices are going up, especially for entry-level homes. Does the government think this is a good outcome for first home buyers?
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
As you would know, what we have said, what Minister O'Neil has been very clear about, is that our priority across this area is to increase the amount of houses coming on supply. We want to increase the supply. We are also investing in homelessness and social affordable housing, and we are also providing first home owners with some assistance. We do all of that because we on this side of the chamber understand it isn't about the scaremongering that you are wishing to engage in; it is about making sure we do the hard work across the federation on delivering more houses over the next decade.