QUESTIONS WITHOUT NOTICE

Mr ALBANESE (Grayndler—Prime Minister) (14:08): I thank the member for Canberra for her question. Last week, we were with the member for Canberra and the Treasurer and the housing minister in the home in Kingston of Matt, Mika and Pikelet. The aspiration of homeownership is right at the heart of the budget that we delivered last week.

It's something that is the fundamental aspiration that Australians have. They have it not only for themselves; they have it for their kids and their grandkids. And the truth is that over the years, more and more, it's not just young people— Mr Hogan: It's got a lot harder.

Mr ALBANESE: Yes, it has got harder. That's the point. That's why we're fixing it.

That's what we're fixing. I take the interjection from the member for Page. It has got harder over many years, particularly since 1999.

Prices have gone up by more than double the level of wages since 1999 for so many young people. But also, parents and grandparents worry that their kids will never get into a home of their own. That is, in part, because a young person going up for an auction is standing at the auction and competing with an investor going for their fifth or their 10th house or what have you, and they have a huge advantage over the first home buyer.

That is just the truth. What we have done is change the system so that, if people want to invest—good on them—they can still do so. But they'll be investing not only in their wealth and their future assets; they'll be investing in the wealth and assets of the nation.

This is something that's been called for and acknowledged by some of those opposite, including the shadow Treasurer, of course. Last night, more Australians were on the 7.30 program talking about their own experiences. A young couple were there.

They had bought their first home in an auction in Sydney on Saturday for even less than they had budgeted. That couple didn't come up against property investors with an unfair tax advantage. The young man, Sebastian, said he was shocked and stunned that they had won at all.

But that is what the reform is about. It is about making sure that young Australians can have the reality of homeownership—not a dream that can't be fulfilled but a reality—so every Australian, not just some, can aspire to a roof over their head. Aspiration for all, not just for some—that is what we stand for, and that is what our budget delivers.