Bert Van Manen (Forde, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on how our government's strong economic plan is standing by Australian families and home owners to get a strong start and have a go, including in my electorate of Forde, and is the Treasurer aware of any alternative policies?

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Forde for his question. He knows that the Liberal and National parties are committed to helping Australian families and that those opposite will only give Australian families more debt, more deficit, higher taxes and fewer jobs. That's why in this year's budget we introduced a number of measures to help Australian families. Our personal income tax plan will leave more money in the pockets of Australian families. Our support for PBS will help them lower the price of drugs. Our support for child care and the new initiatives there will ease the cost of living. We're also working hard to support families when it comes to housing affordability. Our First Home Owner Super Saver Scheme will allow first home owners to more quickly save for a deposit.

Mr Bowen interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for McMahon is warned.

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Investments in affordable housing on the supply side are helping to get more construction into the sector with our tax incentives.

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

How many people have taken it up?

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for McMahon will leave under 94(a).

The member for McMahon then left the chamber.

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

We are making it more attractive for older Australians to downsize and to put some of the proceeds from the sale of those properties into their super. These initiatives are working. These initiatives are working because in 2017-18 some 115,000 first home owners got a loan. That was the biggest number since 2009-10. We've heard the Reserve Bank of Australia talk about the positive developments when it comes to credit in the housing market.

We know what is being offered by those opposite—a big new tax on housing. It's a tax which will affect 100,000 teachers, nurses and military personnel, and a big tax that affects two-thirds of people who have a taxable income under $80,000. This is what one analyst said of Labor's big new housing tax: 'It would have a negative impact on buyer confidence.' So we know that, under the Liberal-National Party, when it comes to supporting Australian families we'll put more money in their pockets. We will ease their cost of living with new initiatives around child care and health. We will also ensure more affordable housing, particularly for first home buyers.