QUESTIONS WITHOUT NOTICE: TAKE NOTE OF ANSWERS

Senator STERLE (Western Australia) (15:05): I look forward to making my contribution. I will say this: Senator Cadell's passion is unquestionable. I can't remember how many of these sessions I've sat through over the years, but that really was speedy— Senator Cadell: Thank you, brother!

Senator STERLE: Thank you, Senator Cadell! You covered every question, so congrats on that one. I would like to put a different slant on this, if I can, through you, Deputy President.

I'd like to look at it through an older man's eyes. I've spent many months—years, the last few years. Everywhere I go, everywhere I speak—it doesn't matter who I speak to, if I'm speaking to punters in the trucking industry, agriculture, construction, shop workers—it doesn't matter, because the common theme here is that I really dread the young ones nowadays trying to get into the housing market.

I say that not with political spin or because I want to get a hit on that social media crap—rubbish—that goes around this nation, but I say it from here: I truly, honestly, don't know how the young ones are going to get into the housing market. I support every option we take to try and make it fairer for them. I want to be really upfront with the people out there who are unfortunately listening to this debate because they probably haven't got anything better to do, the poor devils.

I remember when the Howard government came in. I'm not being political, Mr Deputy President. I believe the housing market started going backwards back in those days, but I will say this: I was one of those people who took advantage of those new tax systems to go out there and buy an investment property.

It wasn't illegal; that's what we did. But I sit back now—my wife and I have had three investment properties; we don't have three now—and I look at the opportunity that we were given. I had no idea the consequences that we were creating—to see homes since 2020 increase by a figure of, I think, $400,000.

I know Senator Cadell said that, now, everyone who owns an investment property—not in those words, but similar—has now lost money. Well, a $400,000 increase—go back to the early 1980s when my wife and I first decided we wanted to buy a home. Back in those days, the price of a home, roughly, was probably about five times the average yearly wage.

Crikey, wouldn't it be nice if that was the case now! I remember that we had to go to the bank manager, cap in hand, with absolutely no assets—none at all—to probably borrow a miserable $80,000 or $90,000. When I say 'miserable', it wasn't miserable back then; it's miserable compared to what you pay nowadays.

We were told to go away and come back when we had more of a deposit. I remember the sacrifices that my generation made and those of generations today. You may have had to go and live with the in-laws, or you couldn't go on the holiday.

You had to do all of that, but it was a small price to pay because it was only for a couple of years that we did it. Then we had the fortune of being able to get that loan and go buy our own homes. Seriously, the debate in this chamber, the debate in the other chamber, the debate through the media is really out of whack.

It is incomprehensible, the language that's being used. I will say this: I've had a fortunate life. I really have.

I'm a proud father and grandfather. But I'll tell you what, as long as I'm in this place and on this planet, I will do anything I can to support any option that gives younger people the opportunity to have the remarkable opportunities that my generation had to get into the housing market. Think of your language.

It has consequences.