Lisa Singh (Tasmania, Australian Labor Party) Share this | Hansard source

And growing indeed. We all know exactly what that means. I think Senator Payne, who talked about the importance of housing and the growth in housing, needs to have a little reflection on that and what it would mean in terms of a $70 billion black hole and also on the fact of what occurred in housing under the federal Liberal government. The federal Liberal Party ripped $3.1 billion out of the housing budget. It actually voted against the building of 20,000 new homes the last time it had the chance to support affordable housing. I am sure that Senator Payne is a champion of housing. I am sure that she has some concern about the need for social housing, as we very much do on this side. It is why we have implemented a number of policies in relation to social housing. If that is her personal concern, she needs to understand that she is in the wrong party, because the party she is in, as I said, ripped $3.1 billion out of social housing and voted down the creation of 20,000 new homes the last time it had the chance to support social housing. In contrast, our record when it comes to the housing portfolio is a very proud one. It is a proud record of helping to deliver affordable housing to Australian families.

At the broad level, our economic management has delivered a budget into surplus, kept unemployment low, helped to contain inflation and enabled the RBA to keep interest rates low. The current standard variable interest rate for the major banks is at 6.82 per cent—well below what it was when the Liberals left office. Of course, that means more money in the pockets of Australian families. Families are now saving around $4,000 a year on a $300,000 home loan compared to November 2007. Since coming to office, the government has also directly contributed to the construction of one in every 20 new homes through programs like the $6 billion investment in social housing and the $4.5 billion investment in the National Rental Affordability Scheme—a scheme that has really benefited a number of low-income Tasmanians in my home state. In fact, in the long-term, the government has committed to providing 50,000 new more affordable rental homes through the NRAS by 30 June 2016.

So our record is very strong when it comes to social housing, because that is what Labor governments do. They support those in need. They support those low-income Australians who need support to get into the housing market and who need support to get into an affordable rental market. We support Australians who need support through all kinds of social housing; hence, the breadth of our housing portfolio—something that was completely destroyed during the time the Liberal Party were in office, and it is something that Senator Payne needs to reflect upon.