Varun Ghosh (WA, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Wong. I regularly hear from young Western Australians that they are struggling to save a deposit for their first home. At the 2022 election the Albanese Labor government promised to help more young Australians access affordable housing. How are the Albanese Labor government's housing reforms helping young people into homeownership faster?

Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

Thank you, Senator Ghosh, for the question. We know the extent to which so many young Australians are worried about their capacity and opportunity to enter the housing market. We also know more young Australians do want to own their own home. We are committed as a government to ensuring that we enable more Australians to have safe and secure housing, including young Australians, because it is at the heart of the hopes of so many young Australians to have the homeownership that has been enjoyed by the generations who have gone before.

That is why we have a comprehensive plan designed to build more homes, including for young Australians, because—unlike some of the comments we've heard in this place, from both the coalition and the Greens—we understand that bringing more houses into the housing supply is one of the ways in which you ensure that young Australians have an opportunity for home ownership. More homes mean more affordable homes.

Instead of condemning young Australians to continued challenging, long queues for rental properties or increasingly having deposits out of reach, we want to see, and support, young Australians owning their own homes. That is why we announced yesterday that we will build almost 14,000 social and affordable homes across Australia, part of the largest investment in social and affordable housing in a decade. Of course, this goes alongside the largest increase to Commonwealth rent assistance in more than 30 years. And, of course, there is the shared-equity policy, which will help an additional 40,000 low- and middle-income Australians own their own homes. Young Australians, like early-career nurses and early childhood education workers and teachers, would all be able to buy a home through this program.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Ghosh, first supplementary?

Varun Ghosh (WA, Australian Labor Party) Share this | Link to this | Hansard source

I note that Mr Dutton and the Liberals and Nationals want young people to mortgage their future in order to own a home. How will the Albanese Labor government's ambitious housing agenda bring homeownership back into reach for young Australians without sacrificing their hard-earned retirement savings?

Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

We want more young people to be able to get into the housing market, and we want them to be able to get into the housing market sooner with a smaller deposit and lower repayments. What's wrong with that? It seems remarkable when you say it, but you've got so many people in this chamber from opposite ends of the political spectrum—from Mr Dutton and the National Party to the Greens—opposing this.

Let me share some of the thoughts of some Australians about this. Christopher in Frankston says: 'A low-deposit shared-equity scheme would be perhaps the only option for someone in my situation. It would provide some security.' Anthony from Camperdown said: 'Without help, I can't see how I'm going to be able to get on the property ladder in a sustainable way. The government's new scheme is a breath of fresh air, and it gives first home buyers some hope.' This is—

Hon. Senators:

Honourable senators interjecting—

Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

And they're making fun of it. It says something about it that you're making fun of young people who want to buy their own homes.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Ghosh, second supplementary?

Varun Ghosh (WA, Australian Labor Party) Share this | Link to this | Hansard source

Like generations before them, young people today want the security of homeownership. I note that the Greens political party has joined forces with Mr Dutton and the coalition to stand in the way of meaningful support for young people. What are the obstacles preventing young people from entering the housing market, and how are the Albanese Labor government's policies delivering for young people?

Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

The obstacles are there and there. That's where the obstacles—

An opposition senator: Don't point. It's rude.

You might not like us pointing, but you do bear responsibility because you are working with the Australian Greens to prevent a scheme that will enable a plan that will enable more Australians to own their own homes. This is an unholy alliance between the Greens and the coalition. We know this country has a housing shortage. We need more homes. We need more homes more quickly in more parts of the country. Those opposite don't want that to happen. They seem to think that homeownership should be the preserve only of some. The Australian Greens seem to want to enable and empower Mr Dutton to prevent there being more homes in this country. With that, President, I ask that further questions be placed on the Notice Paper.