Tyron Whitten (WA, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer: I asked in November whether the Labor government had done any modelling on the default rates for young people accessing the five per cent deposit scheme in the event of two rate rises. I didn't get an answer to that question. Here we are, after three rate rises, with the markets telling us that there's more to come. What is the total contingent liability for home loan defaults under the five per cent scheme?

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

I thank Senator Whitten for the question. I assume that some of those figures, in terms of any contingent liabilities, will be updated in the budget in the usual way. But, if I can get any further information to you after tonight's budget, I'm happy to do that. If you are concerned about young people owning their own houses, I would remind you that your party did not support the Housing Australia Future Fund Bill and, in fact, voted with the Liberals against the Help to Buy Bill in 2023. I make the point that, if One Nation does say to young Australians, 'We do care about you owning your own home,' your voting record does not demonstrate that.

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

Senator Whitten, first supplementary?

Tyron Whitten (WA, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

Labor have told us that they will be abolishing negative gearing on existing homes. This is not the first time this has happened. Bob Hawke abolished negative gearing in 1985, only to bring it back two years later. Why? Because it killed investment in rental properties and caused rental prices to spike. You're always yelling that we don't support your housing policies. It's because they're rubbish. Why is the government introducing policies that will kill rental supply while we are in a rental crisis?

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

I think if you go and talk to a lot of young Australians the fact that the government is trying to ensure that more housing supply comes on to the market is something that they understand the merit of. I understand that One Nation is effectively part of the anti-Labor coalition. You've demonstrated your willingness to not be independent but basically to vote with the Liberals and the National Party. That's the political—

Hon. Senators:

Honourable senators interjecting—

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

Order across the chamber! Minister, had you finished?

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

No.

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

Please continue.

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

The fact is that we believe that the Australian aspiration to own your own home is important. We believe that aspiration is the right of younger generations of Australians. We make no apology for putting in place policies— (Time expired)

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

Senator Whitten, second supplementary?

Tyron Whitten (WA, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

The government has made a complete mess of housing. Young people have taken out loans they can't afford. This government's spending is driving up inflation and interest rates. You are fuelling demand with mass immigration, and now you're killing housing supply with massive tax increases. We cannot support these measures, because they won't deliver affordable housing to Australians. When will Labor face the music and actually address this housing crisis by cutting mass immigration?

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

It says something that you are already declaring One Nation's opposition to measures you haven't seen. Really, that says everything we need to know about One Nation's position. In every way that matters, One Nation and the Liberals are already in coalition. You're lining up, and have lined up consistently since we were elected, to oppose all aspects of the policies the government have sought to put in place to ensure that more Australians have access to a home. You can dress it up any way you like, but those are the facts. You have been opposed to everything that we have put in place to try and deliver more homes for more Australians, and you have just indicated you'll continue to do that.