Michael Sukkar (Deakin, Liberal Party, Shadow Minister for Social Services) Share this | Hansard source

The coalition won't be supporting this amendment. This amendment worryingly diminishes the purpose of the National Housing Finance and Investment Corporation, a very proud coalition achievement, soon to be known as Housing Australia. Under this amendment, now, with the stroke of a pen, the minister can specifically exclude certain types of liabilities or loans from the application of section 48 of the NHFIC Act.

When the coalition established the National Housing Finance and Investment Corporation, we deliberately established it as an independent body with an independent board that would be responsible itself for determining strategy, defining its risk appetite and making financial decisions—not the minister. With all due respect to the minister, I would trust the board to determine strategy and define risk appetite and make financial decisions a lot more than I would trust the minister. For that reason, we will not be supporting this amendment.

Sadly, it's an amendment that partly strips NHFIC of its independence. Worryingly for everyone in the sector who has championed this great coalition achievement, the National Housing Finance and Investment Corporation, this undermines its long-term viability, sustainability and, importantly, independence and decision-making. For that reason, we will not be supporting this amendment.

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