Jessica Collins (NSW, Liberal Party) | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Wong. Australia's largest home builder, Metricon, reports sales falling by 40 per cent in some markets and 'a complete evaporation in buyer confidence'. Labor's own budget forecasts that its tax changes will mean 35,000 fewer homes. How can your government seriously claim its housing policies are working when they are delivering a trifecta of fewer homes, higher rents and falling buyer confidence?

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

():  Thank you, Senator Collins. That question, if I may say, sounds very similar to a question that Senator Bragg asked me, but I suppose he's happy to have others ask questions for the moment. What I would say to you, Senator, is that we don't agree with many of the political assertions in your questions. First, our housing package will boost supply by at least another 30,000 homes and give 75,000 young people the chance to own their own home. We think that is a good thing. We are being clear that we are working to build more homes and we are working to back first home buyers. That is what not only the supply-side measures that the government has put in place do but also the tax changes, which tilt the scales back in favour of first home buyers for the first time in a generation.

Second, more than 660,000 homes have been built since Labor was elected, and approvals are up three years in a row. I know that those opposite do not regard housing as something the federal government should focus on. We think it is something we need to focus on, and we have. Most of the people in this chamber have been able to realise that great Australian dream of owning your own home. Increasingly, younger generations have not been able to do so and have found it harder to do so. We think it is an imperative that we ensure more first home buyers can enter the market.

Senator McKenzie, you might not want more people entering the market. We do. We think more young families—

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

Thank you, Senator Wong. Please resume your seat. Senator McKenzie, Minister Wong's time has expired, so I'll hear you on your point of order.

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

If she's going to reflect on something I've said, she should do it accurately.

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

Senator McKenzie, you need to inform me if you are standing on a point of order, and that is not a point of order. Senator Collins, first supplementary?

Jessica Collins (NSW, Liberal Party) | Link to this | Hansard source

Investor loan commitments have fallen 8.6 per cent, the largest decline in 3½ years. Owner-occupier and first home buyer lending also fell. The Treasurer has called finance drying up across the housing market an 'encouraging sign'. Does the Prime Minister agree with the Treasurer?

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

I'm sure that the Prime Minister and the Treasurer are very much in agreement on this clear issue that we want more Australians able to own their own home and enter the market. Senator, I know in your first question you were making a range of assertions about the housing market. I would make this point. You're a senator for New South Wales. We have just under 75,000 people from New South Wales who have bought a home with a five per cent deposit. Do you support that? We have about 9,400 social and affordable homes being delivered in your state. Do you support that? We have housing and infrastructure investments of $514 million. These are some of the investments that the government is making in your own state. Senator, if you are so anti all of these, why don't you go and say to all of these constituents in New South Wales, 'We don't want you to have the five per cent deposit and we don't want more— (Time expired)

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

Senator Collins, second supplementary?

Jessica Collins (NSW, Liberal Party) | Link to this | Hansard source

Investors finance 43 per cent of newly built homes. Developers warn that driving them away will mean fewer houses and apartments being built. Will the Prime Minister reverse Labor's destructive taxes before construction collapses and rents rise further, or are 35,000 fewer homes exactly what Labor intended?

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

If I can quote also from the market, from NAB, 'It's really owner-occupiers who are the winners in all of this, in that we are going to redistribute the ownership of housing in Australia away from investors and more towards owner-occupiers.' This is fundamentally the difference between the coalition and the Labor Party. We actually think that first home buyers should have a fair crack at owning their own home. I know that is a remarkable proposition—that you might actually say young Australians and their families should have a better crack at owning their own home. That's what we are about. You are against that. It's a very simple proposition. You want to protect an uneven playing field. We think the playing field should be levelled. It should be levelled so that first home buyers get a fair crack at the market. That is the difference between your side of politics and ours.

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

Order! Senator Bragg, you've had an awful lot of interjections this afternoon.

Andrew Bragg (NSW, Liberal Party, Shadow Minister for Housing and Homelessness) | Link to this | Hansard source

Sorry.

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

Don't backchat me. You're not in a debate with me. When I call you to order, that is exactly what I expect to happen.