Jane Hume (Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology) Share this | Hansard source

I thank all senators for their contribution to this debate. This bill sets out the framework to enable the National Housing Finance and Investment Corporation to provide guarantees to improve access to home ownership for first home buyers and undertake research into the housing market in Australia. The 10,000 guarantees provided by the National Housing Finance and Investment Corporation each year will enable eligible first home buyers to enter the housing market sooner.

The government wants to take the opportunity to thank stakeholders that have assisted with the development of the First Home Loan Deposit Scheme. The government has been working with stakeholders throughout the design phase and will continue to do so ahead of the commencement of the First Home Loan Deposit Scheme on 1 January 2020.

The bill will be supported by an investment mandate consistent with existing arrangements. The government will provide broad direction to the National Housing Finance and Investment Corporation on the operation of the First Home Loan Deposit Scheme through that investment mandate.

The bill also establishes the National Housing Finance and Investment Corporation's new research function into housing affordability in Australia. With this role the National Housing Finance and Investment Corporation will embed itself in Australia's research landscape and assist in identifying and addressing existing research gaps. Both the First Home Loan Deposit Scheme and the National Housing Finance and Investment Corporation's new research function complement other housing measures introduced by the government, such as the establishment of the First Home Super Saver Scheme and reinforces the government's commitment to helping Australians achieve their goals years earlier. The bill is an important part of the Commonwealth's objective of making the dreams of first home buyers a reality, and I commend this bill to the Senate.