Lisa Darmanin (Victoria, Australian Labor Party) Share this | Hansard source

Senator Roberts asserts that a permanent ban on foreign ownership of residential housing will fix the housing crisis, but the fact is you can't solve a housing crisis without building more homes. It's as simple as that—building more homes. Housing supply is the key to tackling Australia's housing crisis, and that is exactly our government's focus.

The One Nation party would have you believe that foreign investors are causing the housing crisis in Australia, and we've just heard that. However, the truth is that foreign purchases of existing homes make up only a tiny fraction of all home sales each year. There is not a flood of foreign investors buying up all the houses in Australia that are for sale. That's actually the reality—a tiny fraction.

Let me turn to the Albanese government's approach to foreign investment. This government has taken a range of actions to make sure that foreign investment is working in Australia's best interests. We have tripled foreign investment fees for the purchase of existing homes and doubled vacancy fees for foreign-owned dwellings. We've also strengthened compliance measures to ensure foreign-owned properties are being used as intended, either occupied or made available for rent. And, from May last year, foreign persons will only be able to purchase established build-to-rent projects if they remain designated as build-to-rent housing. These changes ensure that foreign investment supports, not hinders, our goal of boosting housing supply. Finally, I'll make this point. The value of foreign investments in residential real estate approvals has actually fallen from $7.9 billion in 2022-23 to $6.6 billion in 2023-24.

I would like to make a few comments now about housing supply. Our approach balances economic growth with housing accessibility. We're building Australia's future and ensuring investments for more housing developments, because, at the end of the day, that is what our Homes for Australia Plan is all about: getting more homes built faster. We know this is a challenge, but it's a challenge that we must meet and are meeting. We're working to build 1.2 million homes over the next five years. Under our ambitious Homes for Australia Plan, we are training tradies, funding more apprenticeships, growing the workforce and making the biggest investment in social and affordable housing in over a decade. We're making sure Australia has the workforce, the resources and the investment needed to build more homes. Building homes doesn't just put a roof over peoples' heads; it creates jobs, stimulates local economies, strengthens communities and creates a home for people who need it. Every home we build supports workers and apprentices who rely on the industry to make a living. If there's more action required on foreign investors, we will consider it.

But let's be clear: those opposite have consistently taken positions in this parliament that would mean fewer homes, not more. The facts speak for themselves. One Nation, along with the coalition, voted to delay the government's Help to Buy housing scheme bill, stalling a key initiative to support housing affordability. They talk tough on housing, but, when given the chance to support real solutions, they vote against them. They complain about housing affordability while blocking the very measures that would deliver more housing supply to Australians. And, when given the chance to support real solutions, they vote against them. The bottom line: action on supply is critical, and more supply means better affordability. That's what we're delivering, and an Albanese Labor government is building Australia's future. That is what we will keep fighting for—more homes more quickly in more parts of the country.