❓ Mr. L'Estrange asks the Premier about a stimulus package for the housing industry due to Keystart mortgage stress. The Premier defends Keystart's performance and highlights economic improvements, hinting at future support.
AnsweredQoN 904Legislative Assembly
QuestionView source ↗
HOUSING —
BUILDING APPROVALS
904. Mr S.K. L'ESTRANGE to the Premier:
I have a supplementary question.
Taking into account the Premier's answer, he would be aware that
Keystart mortgages are under increased stress and experiencing increased
defaults. What is the Premier's response to the housing industry's
call for a state government stimulus package to support this important economic
sector?
BUILDING APPROVALS
904. Mr S.K. L'ESTRANGE to the Premier:
I have a supplementary question.
Taking into account the Premier's answer, he would be aware that
Keystart mortgages are under increased stress and experiencing increased
defaults. What is the Premier's response to the housing industry's
call for a state government stimulus package to support this important economic
sector?
AnswerView source ↗
Keystart has a very low level of
default. It works very closely with clients to ensure that, first, they are
appropriate clients, and second, that they manage their affairs. As the member
knows, Keystart requires a very low deposit and no mortgage insurance, so it is
a great way of getting into the housing market. As the Minister for Housing
said the other day, we are the only state in Australia that offers that
service. Therefore, we have higher levels of first home ownership and first
home financing than any other state in Australia. It is an initiative that was
set up under the Dowding government 30 or so years ago and has paid dividends
for not only, but predominantly, first home buyers across Western Australia. I have
confidence in the Keystart board and that what it is doing is right.
I
want to make two other points. Since we have been in office, there have been 50
000-plus additional people in work.
Point of Order
Mr S.K. L'ESTRANGE :
The supplementary question was quite specific about a stimulus package that the
housing industry is calling for. The Premier has not yet addressed that part of
the question.
The SPEAKER : Yes, I think he
has.
Questions without Notice Resumed
Mr M. McGOWAN : I am happy to
talk about that, Mr Speaker, but in excess of an additional 50 000 people are
in work. That means more people are able to take up the opportunity to purchase
a house. I still think it is a great time to buy a house in Western Australia.
When the former government put in place three lots of land tax that raised
about $2 billion as part of a deliberate strategy, as the Deputy Leader of the
Opposition said, to drive down the value of houses —
Dr M.D. Nahan interjected.
Mr M. McGOWAN : That is what
the former government did. It racked up the worst debt, the worst deficits, the
worst unemployment, the biggest tax increases and the biggest fees and charges
increases in history. It is quite a record! The housing sector declined
significantly as a result. The other thing that occurred over the boom period
was that the housing sector built many houses. So many houses came onstream
that when the construction phase finished and production started, the demand
dropped off somewhat. Every indicator we have has shown that the state's economy is improving, as the
unemployment figures today have shown. It is a great time to build a house. We are listening to and working with the housing sector to ensure that there will
be more activity. I say to the member: watch this space.
default. It works very closely with clients to ensure that, first, they are
appropriate clients, and second, that they manage their affairs. As the member
knows, Keystart requires a very low deposit and no mortgage insurance, so it is
a great way of getting into the housing market. As the Minister for Housing
said the other day, we are the only state in Australia that offers that
service. Therefore, we have higher levels of first home ownership and first
home financing than any other state in Australia. It is an initiative that was
set up under the Dowding government 30 or so years ago and has paid dividends
for not only, but predominantly, first home buyers across Western Australia. I have
confidence in the Keystart board and that what it is doing is right.
I
want to make two other points. Since we have been in office, there have been 50
000-plus additional people in work.
Point of Order
Mr S.K. L'ESTRANGE :
The supplementary question was quite specific about a stimulus package that the
housing industry is calling for. The Premier has not yet addressed that part of
the question.
The SPEAKER : Yes, I think he
has.
Questions without Notice Resumed
Mr M. McGOWAN : I am happy to
talk about that, Mr Speaker, but in excess of an additional 50 000 people are
in work. That means more people are able to take up the opportunity to purchase
a house. I still think it is a great time to buy a house in Western Australia.
When the former government put in place three lots of land tax that raised
about $2 billion as part of a deliberate strategy, as the Deputy Leader of the
Opposition said, to drive down the value of houses —
Dr M.D. Nahan interjected.
Mr M. McGOWAN : That is what
the former government did. It racked up the worst debt, the worst deficits, the
worst unemployment, the biggest tax increases and the biggest fees and charges
increases in history. It is quite a record! The housing sector declined
significantly as a result. The other thing that occurred over the boom period
was that the housing sector built many houses. So many houses came onstream
that when the construction phase finished and production started, the demand
dropped off somewhat. Every indicator we have has shown that the state's economy is improving, as the
unemployment figures today have shown. It is a great time to build a house. We are listening to and working with the housing sector to ensure that there will
be more activity. I say to the member: watch this space.
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