Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
2:36 pm
My question is to the Minister representing the Prime Minister, Senator Wong. The NAB says that loans to owner-occupiers are down by 15 per cent since the budget. Are you aware that your taxes are reducing home loans and homeownership opportunities?
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
I think this question was asked last week—or a version of it was. The point I made then was in fact that we saw approvals up three years in a row, 8.9 per cent higher than a year ago and at their highest level since 2021, and commencements are also 15.2 per cent higher.
Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
I raise a point of order on relevance. I asked about home loans and homeownership opportunities, not about approvals.
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
It's interesting that Senator Bragg doesn't want to hear about that, because what it actually means is that there are—
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
What it actually means is that there's more investment in supply. I know that's something you don't want to hear about, Senator Bragg. The advice I have is that the figures I've just given you demonstrate that there is more investment in supply and more commencements. I'd also make the point that I'm advised that there are in fact more first home buyers under our government than there were under you, that there are more than 490,000 first home buyers under Labor—
Unidentified interjection - Hansard doesn't record who said this
Opposition Senators:
Opposition senators interjecting—
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
The advice I have is that loans taken out by first home buyers are on the increase, and about 260,000 Australians are in their own home using just a five per cent deposit. And I would remind you, Senator Bragg—
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
I know Senator Cash simply wants to interject. The reality is they don't want more investment in new homes. They don't want more investment in new housing because they just want the market to rip, and they're happy to be on the side of investors rather than first home buyers. They are actually the values on display here. Senator Cash is yelling at me because she cannot abide the fact that, under our government, we are actually investing in new supply for first home buyers so more young Australians can get into the market—you can't handle that, can you? (Time expired)
Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
2:38 pm
It would be helpful to get that advice tabled, actually. Rents are due to spike thanks to the reducing housing supply, which you know about. Do you stand by your $2 a week rent claim from the budget when we now see projections of $200-a-week rent rises in places like Sydney?
Unidentified interjection - Hansard doesn't record who said this
Hon. Senators:
Honourable senators interjecting—
Sue Lines President
Order! This triangle, Senator Bragg, between you, Senator Ayres and Senator Watt is disorderly.
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
2:39 pm
I would make the point that we did have transitional arrangements in place in relation to existing negative gearing. I know that you want to make everything be an issue for the government, but I would make that point. The second point is that the Treasury's modelling on rent over the period remains less than $2 a week. Obviously, there is impact on supply and rents as a result.
Unidentified interjection - Hansard doesn't record who said this
Hon. Senators:
Honourable senators interjecting—
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
That is the Treasury's modelling. Obviously there is—I can't hear myself think.
Andrew Bragg NSW, Liberal Party, Shadow Minister for Housing and Homelessness
2:40 pm
If home loans to owner-occupiers are down and rents are up, who actually wins from the $77 billion of new Labor housing taxes?
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
Senator, I've already said to you that we've seen approvals up and commencements up. I know that you are allergic to Australians—
Fine, you answer the question.