Matthew Canavan (Queensland, Liberal National Party) | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Wong, Minister, since Labor's May budget, Westpac says that new home loan applications have fallen by 20 per cent, while the National Australia Bank reports demand for new loans is down 15 per cent. Will the government now admit that its property taxes have damaged confidence, and will it immediately remove its taxes to restore economic certainty?

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

I thank Senator Canavan for the question. Senator Canavan speaks about taxes, and I do remind Senator Canavan that he was part of a coalition that went to the last election with a mandate for a commitment to higher taxes.

Matthew Canavan (Queensland, Liberal National Party) | Link to this | Hansard source

That's the difference. We actually went to the election.

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

I would just make the point: you committed to higher taxes, and so I think—

Honourable senators interjecting—

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

Minister Gallagher?

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) | Link to this | Hansard source

It's very hard to hear the answer to the question, from those opposite interjecting.

Bridget McKenzie (Victoria, National Party, Shadow Minister for Infrastructure, Transport and Regional Development) | Link to this | Hansard source

You're a liar.

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

It is indeed hard. I am going to—Senator McKenzie, you need to withdraw.

Bridget McKenzie (Victoria, National Party, Shadow Minister for Infrastructure, Transport and Regional Development) | Link to this | Hansard source

Withdraw.

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

Senator McKenzie, I would like you to stand properly and withdraw.

Bridget McKenzie (Victoria, National Party, Shadow Minister for Infrastructure, Transport and Regional Development) | Link to this | Hansard source

I withdraw.

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

Thank you. I would ask those on my left to allow me to hear what the minister has to say. Order! Minister Wong, please continue.

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

Those opposite might want to play the outrage, but I make the point again: you went to the election, under the senator who is now a deputy leader of the Liberal Party, being very clear that you would increase taxes, and now you tell people you don't want to increase taxes. So I would—

Honourable senators interjecting—

Murray Watt (Queensland, Australian Labor Party, Minister for the Environment and Water) | Link to this | Hansard source

On a point of order, that is persistent interjection from Senator McKenzie.

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

I have called the chamber to order. Senator McKenzie, I'm asking you—order! Minister Wong, please continue.

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

Perhaps the two of you would like a debate by yourselves in the Senate? What do you reckon?

The other point I'd make, Senator, is that it is important to continue to work to improve people's economic position. I would make the point that annual nominal wages have gone above three per cent for 15 quarters in a row. That is the longest streak in more than a decade and a half. I don't believe they grew above three per cent under the coalition, and we all know the coalition's position on minimum wages.

The gender gap is at an all-time low. I know, Senator Canavan, you yourself, in particular, have made comments where you were somewhat dismissive of the gender pay gap, but narrowing it actually means better outcomes for women across this country.

We do understand Australians are under pressure, which is why the government has focused on cost-of-living relief, including tax cuts for every Australian taxpayer this year and next year, as well as the working tax offset and instant tax deduction. (Time expired)

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

Senator Canavan, first supplementary?

Matthew Canavan (Queensland, Liberal National Party) | Link to this | Hansard source

Recently I met with Dimitri, a financial planner, and Nathan, a real estate agent, both from Rockhampton, who have seen firsthand the knock to economic confidence on their business of Labor's taxes. Has the government done any assessment of the impact on the lending slowdown for people like Dimitri and Nathan and for others in real estate, mortgage broking and small businesses in this sector, and will the minister release this analysis?

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

The government's focus has been delivering real change to build more homes and to help more first home buyers. That has been our focus. Unlike those opposite, we think housing affordability needs to be addressed and we have thrown everything at it. We have been doing this for four years. We are seeking to level the playing field for first home buyers, building more infrastructure, cutting red tape and approving more homes. The government's Housing Australia plan—

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

Senator Canavan?

Matthew Canavan (Queensland, Liberal National Party) | Link to this | Hansard source

On relevance, for Nathan and Dimitri, I was just asking about an analysis of the impact on them.

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

The minister is being relevant. I'll continue to listen carefully. Minister Wong?

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

I am asked about housing, and you're correct that the focus of the government's approach to housing has been to build more homes and to help more first home buyers. That is our policy objective. You may have other policy objectives, but we think that housing affordability is something that does need to be addressed, which is why we have worked on, as I said, a range of measures which are all about addressing housing affordability. (Time expired)

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

Senator Canavan, second supplementary?

Matthew Canavan (Queensland, Liberal National Party) | Link to this | Hansard source

Minister, last week Minister Plibersek claimed that there has never been a better time to be a first home buyer. How can that be true when new loan applications are collapsing and finance is becoming harder to secure?

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

Our policies are unashamedly about trying to get more Australians into housing and able to own their own home. I know that those opposite don't believe that the Australian dream of owning your own home should be something that is more accessible to more Australians, particularly young Australians, but we do. We do think it's important, with the many changes that the government has put in place, both on the supply side and on the tax side, to ensure that we help more young Australians get into their first home.

Senator Bragg, I know that that is not something you think should be a policy priority, but we do. We want more Australians to have access to the Australian dream that I assume people in this chamber have had access to, which is the capacity to own your own home and build a life. (Time expired)