Andrew Wallace (Fisher, Liberal National Party) Share this | Hansard source

I've got a couple of problems with this bill, the Social Services and Other Legislation Amendment (Incentivising Pensions to Downsize) Bill 2022, but one is: so much to say, so little time. Mr Deputy Speaker, as you have probably heard me speak about in this place many times, I'm an ex-chippie. I am, proudly, an ex-carpenter and joiner. I still hold my builders licence, although I have to say that after the last six years I've been getting a little bit soft. The housing and construction sector is incredibly important to me and to the lives of all Australians, and we support this bill. This is a commonsense bill which will provide greater certainty to many Australians who are pensioners. It is a bill which follows on from the fantastic work that the coalition government has been doing in relation to the provision of housing over the last six years. I'll foreshadow that I am so passionate about this area that I may even ask for an extension of time for my speech.

This bill amends the Social Security Act 1991 and the Veterans' Entitlements Act 1986 to support pensioners and, indeed, other eligible income support recipients during the sale and purchase of a home. Basically, it will extend from 12 to 24 months the existing assets test exemption for proceeds from the sale of a principal place of residence where a person intends to use those proceeds to purchase a new principal home. It will also apply only the lower below-threshold deeming rate to these asset-test-exempt principal home sale proceeds when calculating the deemed income.

Why is that important? Well, we are going through a housing crisis in this country right now, despite the absolutely outstanding work that has been done by the former assistant Treasurer—and he has done absolutely outstanding work. He has provided a legislative opportunity for thousands of Australians, who would otherwise not have been able to buy a home, through such programs as HomeBuilder, the First Home Super Saver scheme and other schemes. We know that, particularly, single parents, who just haven't been able to save a deposit, have been able to get out of the rent race with as little as a two per cent deposit and in some cases a five per cent deposit. We know that one of the greatest impediments to homeownership in this country is people's ability to be able to save enough money for a deposit. In the heady days of not so long ago, where we saw ever-increasing house prices, people simply couldn't afford to keep up with their savings to be able to save a deposit to buy a home.

To the coalition government's credit, but particularly to the former assistant Treasurer's credit, these various schemes were devised to get people out of the rent race and into homes. That's what this coalition is all about, going back to Menzies's days. We are unashamedly pro-homeownership. Homeownership is not just an asset. It's not just something that you can buy and sell. More importantly, homeownership gives you security, it gives you comfort and it gives you a roof over your head. It's more than just one of the principle requirements or human needs of food, water and a roof over your head; it provides a home to Australians.

I'm a big believer in homeownership—that probably won't come as any great surprise, as I'm an ex-builder—because it provides that security to families. One of the best things that this bill will provide is an incentive to people whose lives have changed because the kids have left the home. I've been in that situation—we've got four daughters, three of whom have departed the nest. We once had a five-bedroom home and we no longer have a home that size. Families do decrease the size of the home as the circumstances change. But I do have a very significant problem with the explanatory memoranda of this bill, which talks about the bill being able to assist older Australians, who are said to be 55 and older. I'm not quite there yet—I'm 54.

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