Graham Perrett (Moreton, Australian Labor Party) Share this | Link to this | Hansard source

As we all well know, home ownership is a very important part of our culture. But the great Australian dream is quickly becoming a nightmare for young Australians. That home among the gum trees has been immortalised in music, literature and the big screen and it has some meaning for two-thirds of us. But, sadly, it will be an ever-more unattainable dream for many young Australians unless 'Mr Harbourside Mansion' actually gets serious about housing affordability.

Ownership rates for young people have declined from 60 per cent down to 48 per cent, but the cost of housing continues to steeply increase. Over the last year across our five capital cities, it has increased more than 11 per cent, while real wages went backwards by half a per cent. One of my constituents, Juris, from Sherwood, an architect and built environment educator—known to the member opposite—wrote to me expressing his well-informed concerns about housing affordability.

Labor took a negative gearing policy to the election that would improve housing affordability. It is reported today that the head of Stockland, Australia's largest residential developer, believes that curbing the excesses of negative gearing on property investments should be considered. Even John Symond, from Aussie Home Loans, has cautiously backed a change to negative gearing arrangements. Yet still the only housing affordability policy we have from the LNP government is: 'Get a good job,' 'Get rich parents,' 'Move to the bush,' or, that gem from the Assistant Treasurer, 'Get a highly paid job.' All of Australia, but especially our young people, now really need a government with backbone. (Time expired)