So thank you very much for being with us today. It is a very exciting day. I am thrilled to have my boss and the Prime Minister of the country, Anthony Albanese, with us today. We also have Brooklyn and Lachie and Rosco, and we’re here today because we want to actually celebrate and encourage people to take up 5% first home buyer deposit scheme. This has been an amazing scheme. Lots of people in my community of Corangamite are taking up this opportunity, not just here, though, but across Australia, because we know how important it is to have a roof over your head, and as you’ve said, Lachie, to invest in your future rather than someone else’s, so this is amazing. And I’d like to hand over to Anthony to speak.
ANTHONY ALBANESE, PRIME MINISTER: Thanks so much, Libby. And can I thank very much Brooklyn and Lachie for having us in their home, and of course, Rosco for the warm welcome as well that I got here. This is a fantastic scheme that we have, and it’s part of our $47 billion Homes for Australia plan. When we came to office, we had a government that had been in office for almost a decade that didn’t have a housing minister for most of that time. It wasn’t interested in housing supply, and that left Australia falling behind. What we’ve done is have a comprehensive plan, whether it’s social housing through the Housing Australia Future Fund, where I visited just yesterday, in Canberra, new dwellings there being a built making a difference for people for housing supply who need that social housing, whether it’s Build to Rent scheme, which encourages private developers to build private rentals for affordable housing, whether it be a Help to Buy scheme that is a shared equity scheme with the Government to encourage home ownership that has been successful as well. But there’s no program which has been more successful than our 5% deposit for first home buyers scheme. What that’s seen is 260,000 Australians making an enormous difference for people like Brooklyn and Lachie, locals renting in this local community, thinking that home ownership was out of reach for some time, but because of the five per cent home deposit scheme, because we deal with mortgage insurance and reduce the costs, therefore of borrowing, and enable people to get into home ownership earlier, it’s made an enormous difference. Housing isn’t something that is abstract. It is the key to a better education for your children. It’s a key to the health that you have. It’s a key to your future assets and wealth, as well as you’re investing in yourself rather than paying off someone else’s mortgage, and that is a big difference. So, Lachie and Brooklyn here are paying off their own mortgage rather than someone else’s, and that gives them a great deal of pride in this home here, which is a beautiful spot where they wanted to live, where they grew up, where they work, where they’re contributing to the community. And that’s why people like Libby are so proud as members of our government that we’re making a difference here.
But we know as well, we need to do more. Which is why in the Budget in May we’ve made changes for property investment arrangements, and that’s about enabling more young Australians to get into their first home as well. So that last Saturday, when young home buyers turned up at options, they weren’t competing with investors if it was an existing property. So it meant that they get a fair crack, because if you have investors competing with first home buyers, and investors know if they bid an extra $20,000 for a home, then that will be an increase in their tax deductions they’re able to make through negative gearing. Then it’s not a fair system, and that’s why we are making these practical changes to make a difference. But in addition, of course, we’re grandfathering the measures that are put forward, so that people who’ve made existing arrangements aren’t impacted can continue to negatively gear properties, but as well, for future, if you want to invest in a negatively geared property, you can do so, but it’s got to be a new build. So you’re building not just assets and wealth for yourself, you’re building assets and wealth for the nation as well, making a difference for housing supply. We estimate these changes will mean 75,000 additional first home buyers get into the market on top of the measures that we’ve taken place with the 5% deposit scheme. So I do want to thank Brooklyn and Lachie for welcoming us into their beautiful new home, where they’ve been living just for a period of months as a result of our scheme. It gives me a great deal of pride to know that my government’s prepared to make difficult decisions, but the right decisions in the national interest. Not just sit back and say it’s all too hard, and we’re going to watch home ownership be something that’s talked about, but as something that’s a historical fact. We want it to be a reality for people today, and that’s why we’re prepared to make these changes. And why our comprehensive plan for increased supply, increased public housing, increased private rentals, increased home ownership is going to make a substantial difference to the way that the country functions as we go forward. Happy to take some questions.
JOURNALIST: I think Libby mentioned that there’s been a big uptake on the 5% scheme here in Corangamite. You mentioned 260,000 nationally. Do we have the figures for Corangamite specifically?
PRIME MINISTER: We can find them out for you. One of the things that we have found is that the uptake is higher in growth areas and this is an area, of course, that’s growing as a community as well. So, we will get those figures.
COKER: Yeah. Can I just say, Armstrong Creek, in the heart of my electorate, it is massive growth and I know that there are a number of people, couples, young couples moving in who have taken up this option, particularly in that area, so. And over here as well, Ocean Grove is growing reasonably rapidly as well.
JOURNALIST: On CGT, you said you deal with the details of potential CGT carve outs after this legislation is passed. Are you now considering detailing those carve outs this week?
PRIME MINISTER: There’s two periods of legislation. There’s this framework that will go to the Senate, that’s already passed the House of Representatives and we’ll await and treat the Senate committee with the respect that it deserves. They had hearings yesterday, they’ll have hearings again today. But then there’ll be further legislation. This is the normal way that tax legislation occurs. There were dozens of pieces of legislation the last time there was major tax reform in 1999. There will be legislation in the second half of this year. But we foreshadowed as well that for issues such as startups, what we will do is deal with a discussion paper from Treasury. What we’ve had is consultation up to this point. That discussion paper will go out which will enable for further input which will be fed into the legislation later this year.
JOURNALIST: On tax legislation, again, given the first day of testimony, are you giving any consideration to changing the time frame of the tax legislation?
PRIME MINISTER: No. We are very determined to give people the reform that is needed. We know that for a long period of time housing was ignored by the federal government. They didn’t even bother to have a minister. What we’ve done is have a comprehensive plan. We know that more was needed and that is why our reform is aimed at boosting supply as well as giving young people a fair crack at getting into their first home.
JOURNALIST: On the fuel excise, diesel prices still remain high. Are you open to extending fuel price relief for diesel only?
PRIME MINISTER: We’ll give consideration to those matters. The peace deal in the Middle East we welcome. We welcome the fact that the MoU has now been signed. But the signing of the agreement will take place in Switzerland on Friday. We want to see this hold. We have called for de-escalation for some time. This has had an impact on inflation right around the world, including of course here in Australia. And the measures that we have put in place have seen a significant decline in the price of petrol as well as the price of diesel. That has had a significant impact and indeed in terms of supply, remember this. That prior to Easter our opponents were saying that there would be restrictions around Easter time and just after they wrote off Australia’s opportunity to secure supply, what we did was put in place a plan, go about meeting it through Export Finance Australia purchasing fuel on the spot market. But also with the arrangements we put in place with our major trading partners in the region. And that has meant that Australia has continued to have supply and indeed today there is more petrol, more diesel and more jet fuel in Australia than there was on February 28th when this conflict started.
JOURNALIST: Can I just ask, Prime Minister, what else you’re up to while you’re in town today?
PRIME MINISTER: I’m just here at the moment, I’m visiting another electorate in Melbourne after this and then I am doing a show on SBS later associated with the World Cup.
JOURNALIST: We’ve spoken about, I think Libby particularly spoke about the fast growing region. Not only Armstrong Creek, the Bellarine Peninsula is absolutely booming and I suppose with that comes, you know, increased traffic volumes. The Bellarine Link case study I think has been out and about for about four or five years which essentially get traffic off the city, make it faster to access these growing regions. Is that something that we can expect anytime soon?
PRIME MINISTER: We’ll continue always to examine the infrastructure needs of a growing region like this. I’m a regular visitor here to Corangamite and we’ll continue to look at the needs with the fantastic advocate that this community have here in Libby Coker. What we’ve seen is enormous resources, whether it’s properly funding every school in the Corangamite electorate for the first time due to the agreement that we have with the Victorian state government, whether it be Urgent Care Clinic present here, other infrastructure, the increase that we’re seeing in bulk billing for doctors. All of these measures are things that we have supported and will continue to examine the needs of this electorate because it is growing.
COKER: Can I Just add to that. There’re two stages at the Barwon Heads Road. Now that’s right through the heart of growth in my region and together with state and federal we have funded both stages. The second stage is being built now. It is really significant investment. We have funded virtually every sporting complex. We have Urgent Care Clinics, we have Headspaces going in. This is a region that kicks above its weight in terms of infrastructure. There is always more we can do. And I know that the Bellarine link is something that the community wants to link the ring road across to the Bellarine through Surf Coast. And it’s something that I do advocate to the minister on, Catherine King, the minister does a brilliant job and it is something that’s definitely on her radar. I know it’s on the state radar. So, we continue to advocate and I’m sure in the future things will happen.
JOURNALIST: Have you seen the state government’s business case?
LIBBY COKERMP: There has been a business case. I think that it certainly has merit but there is a lot already going on in this region. So, it is something that I think is certainly on the radar at both state and federal levels.
JOURNALIST: I’ve got a couple more from Canberra if I can be quick. On fuel again, are you considering extending the waiving of the heavy vehicle road user charge?
PRIME MINISTER: We’ll give consideration to all of those matters appropriately. The announcement was only made yesterday. This has been a really difficult period for the globe to deal with. We’ve responded appropriately and we’ll give proper consideration to it. I note that on July 1 every Australian worker including Brooklyn and Lochie will get a tax cut as a result of the measures that were put in place. So, we’re always looking at cost of living measures and we’ll continue to do so.
JOURNALIST: One more, is the AFP investigation into allegations of sexual abuse against Australian activists pointless without the cooperation of the Israeli authorities?
PRIME MINISTER: Those are matters for the AFP and I allow the AFP to conduct its affairs independent of government. That’s very important. Thanks very much.
