STATEMENTS BY MEMBERS

Ms BELL (Moncrieff) (13:51): Labor has delivered a trifecta of failure on housing—fewer homes, higher rents and smashed confidence in the housing market. If this government had any common sense at all, they would know you cannot solve a housing crisis by increasing housing taxes. Thousands of homebuyers are now at risk of negative equity.

Half the homes bought in Sydney and Melbourne in the past year are now reported to be worth less than their purchase price. All the while, rents continue to skyrocket, having already risen 24.8 per cent under Labor's watch. Australia needs new housing supply, yet the government is falling roughly 240,000 short of the number of homes it will take to meet its own target.

Further to this, we've seen almost 13,000 construction businesses go broke under this government; that's roughly 60 every week. The coalition has a plan to cut red tape so builders can get back to what they do best—building homes—all the while reducing the cost of a new home by up to $70,000. We'll also deliver immediate relief by capping migration to housing whilst investing $5 billion to help unlock up to 400,000 new homes.

Labor has delivered a trifecta of failure on housing—fewer homes, higher rents and smashed confidence in the housing market.