Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

From yesterday we introduced a residential housing sector boost through the first home owners scheme. From yesterday until 30 June 2009 first home buyers who purchase a new home will receive a grant of $21,000, or $14,000 if they purchase an existing home. Housing investment accounts for about six per cent of the Australian economy. It is important that we support this sector in these uncertain economic times.

Expanding support for first home buyers through the first home owners boost is right for the conditions we currently face. It will help shore up housing activity in a sector that may otherwise slow. That is why this is a time limited measure that comes into effect immediately. Over the longer term, the government has put in place a strategy to increase the supply of affordable homes and to help young Australians save for a first home. The importance of these measures for ensuring that Australian’s are protected from the global financial crisis is such that these measures will be introduced immediately.

We have had extensive discussions with the sector and with public officials in the Reserve Bank and Treasury and with international organisations like the IMF. We have had extensive conversations right through all the impacts of this and we continue to say this is a necessary and important measure to protect Australians. The first home saver accounts will help young Australians save for their first home. If you are not going to support it, come out and say it—stop nitpicking and come out and say it.