QUESTIONS WITHOUT NOTICE: ADDITIONAL ANSWERS

Senator WONG (South Australia—Minister for Foreign Affairs and Leader of the Government in the Senate) (15:06): I wish to provide some further information to an answer I provided in the Senate during this sitting fortnight in question time and Senator Gallagher referred to in the committee stage of the tax bills debate in relation to limited recourse borrowing.

Updated analysis the government has received today from the ATO show there were around 8,700 new limited recourse borrowing arrangements for residential housing in 2023-24. This includes both new and established properties. This is an updated figure from that which was provided to the Senate on Monday, which was based on the latest advice provided from the ATO at the time.

As both Senator Gallagher and I indicated, limited recourse borrowing arrangements are still less than one per cent of total residential property borrowing and less than 0.5 per cent of new residential borrowing each year on average. And, of course, these changes do not impact any existing SMSF borrowing arrangement and provide time to finalise arrangements that are in train.