❓ Mr. Tallentire questions the Minister for Housing on how the revised Keystart interest rate policy will provide cost-of-living relief and how the government's housing policies compare to the Liberal and National parties. The Minister defends the policy, highlighting other housing reforms and criticizes the opposition's lack of proposals.
AnsweredQoN 404Legislative Assembly
QuestionView source ↗
KEYSTART — INTEREST RATE POLICY
404. Mr C.J. TALLENTIRE to the Minister for Housing:
I
refer to the Cook Labor government's commitment to deliver genuine
cost-of-living relief for Western Australians. Can the minister outline
to the house how this government's decision to revise Keystart's
interest rate policy will assist thousands of WA home owners facing
cost-of-living pressures and how this government's housing policies
compare with the policies of the Liberal Party and the Nationals WA?
404. Mr C.J. TALLENTIRE to the Minister for Housing:
I
refer to the Cook Labor government's commitment to deliver genuine
cost-of-living relief for Western Australians. Can the minister outline
to the house how this government's decision to revise Keystart's
interest rate policy will assist thousands of WA home owners facing
cost-of-living pressures and how this government's housing policies
compare with the policies of the Liberal Party and the Nationals WA?
AnswerView source ↗
I want to thank the member for his
question. As I have previously reported to this house, our government has
undertaken a number of ongoing and significant reforms to housing policy in Western
Australia, recognising that we are very deeply cognisant of the current tight
rental market and also the heated construction market. As I have said before to this chamber, COVID has radically
reshaped housing markets in both Western Australia and Australia . Every
state is looking at its policy settings to both accelerate the delivery of
social housing and provide assistance to those in need, but also to look at
settings in relation to affordability.
There
has been a range of reforms. We brought in stamp duty concessions—two
sets of reforms—and we lifted the tax concession to 100 per cent
for affordable apartments in the most recent budget. We are bringing in a 50 per
cent land tax concession for build-to-rent developments to boost affordable
apartments. We made changes to Keystart reflecting
changes in the median price and lifting the property cap. Even today, I announced
another change relating to bond assistance loans making them more
flexible with increasing eligibility, and also increasing the amount for those
who might need it to enter the private rental market. Of course, we yesterday
announced a new Keystart policy on interest rates.
To be very clear, we did a significant
review. It is not what the opposition claims. This has gone through Expenditure
Review Committee and cabinet processes. It is not like the shambolic processes
we saw with the previous Liberal–National government. The opposition
presupposed that one day I made a decision by myself, as the minister, and said
to everyone around me, ''Bugger you; I don't care, and I'm
just going to make this policy decision.'' Anyone who understands knows
that all reforms that we are introducing are considered, tested, costed and
then rolled out. That is how we have done all our housing reforms. We are
moving to a new policy of 350 basis points above the cash rate, recognising
that Keystart is a transitional lender. Ultimately, there is a risk there. That
policy recognises that risk and will pay for the operation of Keystart. We know
it will provide financial relief to households. As the Premier has already
clearly outlined to Western Australians, this will assist many households
through significant financial relief, and that new policy will come into place
on 1 July.
The
opposition attacked us. It has attacked us before, and then when we make a decision,
it attacks us again. Hon Steve Martin is like Humpty Dumpty on the wall.
We do not know exactly which way he will fall. I like a good pun!
Mr R.H. Cook interjected.
Mr J.N. CAREY : I know; there
is a workshop out the back delivering these!
The
point I make is this: this is another reform that we have announced that has
been worked on, considered and delivered. That is in contrast to the
opposition. I remind members that not one social housing policy has been announced in six years. Is has no policies on
homelessness; it opposed Boorloo Bidee Mia; it opposed our supported landlord model; it opposed and says that extra money for social housing is a waste
of funding, despite our delivery; it opposes planning reform; and it has
attacked our infrastructure fund. My questions are this: What does the
opposition stand for? What are it its solutions? What is its housing policy? At
the moment, and members can keep checking its website, it is nil.
question. As I have previously reported to this house, our government has
undertaken a number of ongoing and significant reforms to housing policy in Western
Australia, recognising that we are very deeply cognisant of the current tight
rental market and also the heated construction market. As I have said before to this chamber, COVID has radically
reshaped housing markets in both Western Australia and Australia . Every
state is looking at its policy settings to both accelerate the delivery of
social housing and provide assistance to those in need, but also to look at
settings in relation to affordability.
There
has been a range of reforms. We brought in stamp duty concessions—two
sets of reforms—and we lifted the tax concession to 100 per cent
for affordable apartments in the most recent budget. We are bringing in a 50 per
cent land tax concession for build-to-rent developments to boost affordable
apartments. We made changes to Keystart reflecting
changes in the median price and lifting the property cap. Even today, I announced
another change relating to bond assistance loans making them more
flexible with increasing eligibility, and also increasing the amount for those
who might need it to enter the private rental market. Of course, we yesterday
announced a new Keystart policy on interest rates.
To be very clear, we did a significant
review. It is not what the opposition claims. This has gone through Expenditure
Review Committee and cabinet processes. It is not like the shambolic processes
we saw with the previous Liberal–National government. The opposition
presupposed that one day I made a decision by myself, as the minister, and said
to everyone around me, ''Bugger you; I don't care, and I'm
just going to make this policy decision.'' Anyone who understands knows
that all reforms that we are introducing are considered, tested, costed and
then rolled out. That is how we have done all our housing reforms. We are
moving to a new policy of 350 basis points above the cash rate, recognising
that Keystart is a transitional lender. Ultimately, there is a risk there. That
policy recognises that risk and will pay for the operation of Keystart. We know
it will provide financial relief to households. As the Premier has already
clearly outlined to Western Australians, this will assist many households
through significant financial relief, and that new policy will come into place
on 1 July.
The
opposition attacked us. It has attacked us before, and then when we make a decision,
it attacks us again. Hon Steve Martin is like Humpty Dumpty on the wall.
We do not know exactly which way he will fall. I like a good pun!
Mr R.H. Cook interjected.
Mr J.N. CAREY : I know; there
is a workshop out the back delivering these!
The
point I make is this: this is another reform that we have announced that has
been worked on, considered and delivered. That is in contrast to the
opposition. I remind members that not one social housing policy has been announced in six years. Is has no policies on
homelessness; it opposed Boorloo Bidee Mia; it opposed our supported landlord model; it opposed and says that extra money for social housing is a waste
of funding, despite our delivery; it opposes planning reform; and it has
attacked our infrastructure fund. My questions are this: What does the
opposition stand for? What are it its solutions? What is its housing policy? At
the moment, and members can keep checking its website, it is nil.
Explore WA Government Data
Search the full archive in the free dashboard, or query programmatically via API.
Explore more
Government Gazette
Appointments, regulatory notices, planning changes.
Hansard
Debates, questions, speeches and sentiment.
Tabled Papers
Reports and documents tabled in Parliament.
Committees
Committee profiles and recent reports.
Regulations
Subsidiary legislation with filters and summaries.
Bills
Proposed laws and parliamentary progress.
Acts
Current WA legislation and summaries.
Explanatory Memoranda
Bills with EMs (text/PDF) available.
Members
MP profiles, party breakdown and rankings.
Pollie Rankings
Data-driven rankings across 19 categories.
Amendment Chains
Track how schemes and regulations evolve over time.