Page 2229 - Week 06 - Thursday, 6 June 2019
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time the cost of living report from the ACT Council of Social Service published in May says that the cost of new dwellings rose 3.6 per cent, double the national average. Minister, why did the cost of new dwellings in Canberra rise at double the national average?
MS BERRY: Madam Speaker, that sounded very similar to the question that Mr Parton asked me about the cost of housing and rentals in the ACT. I refer Mrs Jones to my previous answer—that the population growth in the ACT has been significant, particularly in Gungahlin, one of the fastest growing areas in the country. That means that when there are more people buying homes, particularly—
Members interjecting—
MADAM SPEAKER: Mr Barr! Mr Coe! Members, I ask that the minister who is on her feet is able to finish.
Members interjecting—
MADAM SPEAKER: Mr Coe! Mr Barr! “Outside, gentlemen,” I think is the phrase.
Mrs Jones: I have a supplementary.
MADAM SPEAKER: Before I go to your supplementary, Ms Berry, did you have anything to add?
MS BERRY: No, I think it was resolved.
MADAM SPEAKER: A supplementary, Mrs Jones.
MRS JONES: Minister, why are lending commitments to first home buyers in Canberra at the lowest recorded level since 2016?
MR BARR: I will take that question. There are a number of factors, not least of which has been the crackdown on lending practice from APRA, in relation to the rules and regulations they require of the banks to be able to lend. Another very significant factor has been the banking royal commission. Mrs Jones, I note that this very issue was one of the reasons why your federal leader introduced ScoMo bank, the mortgage lending insurance 15 per cent gap cover.
This is an issue that faces the nation. One other factor clearly would be that our stamp duty goes to zero on 1 July. That would be a very sensible decision for some people, depending on the sort of purchase they are seeking to make—to wait until then.
MADAM SPEAKER: Just before I give Mr Parton the call, could we refer to Mr Morrison or the Prime Minister? I am not quite sure if there is a ScoMo bank.
MR PARTON: Madam Speaker, I am sure the Prime Minister would be chuffed. My supplementary is to the Chief Minister, based on the answer to the previous question. Why have so few first home owners been able to afford to buy new dwellings in Canberra?
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