ALICIA PAYNE, MEMBER FOR CANBERRA: Good morning, everyone. I'm Alicia Payne, the Member for Canberra, and it's wonderful to be here in Lawson this morning with the Prime Minister and Housing Minister, Clare O'Neil. And a big thank you to Lachie and Abbie, who just welcomed us into their home, their brand new home that they've been able to buy and hear about what it means for them to be finally homeowners, after a long process of saving, and to be the first in their friendship group who've been able to buy their own home and rather than paying off someone else's mortgage, to be paying off their own and have that security and stability. And that's what our Government is doing with our First Home Owner's Guarantee, making sure that first home buyers can get their own home with only a five per cent deposit. We know that that deposit is such a hurdle for people trying to get in to the housing market, and we can all, you know, I can remember how long it took to save up that money, and that when you just thought that it was in sight, it seemed like you needed more of that percentage. So this five per cent is a real game changer for first home owners here in Canberra and all around the country. And now I'd like to hand over to the Prime Minister to talk more about this.
ANTHONY ALBANESE, PRIME MINISTER: Well, thanks very much, Alicia. And it's great to be here with Clare O'Neil, our Housing Minister. But importantly, as well, to Lachie and Abbie and Chilli. It is fantastic that you welcomed us into your home, a home that you are so proud of and rightly proud of, the first in your friendship group to go into home ownership, able to buy your own home at just aged 23, making an enormous difference. Without the five per cent deposit, you wouldn't have been able to do that. You would have still been renting, still paying someone else's mortgage for a number of years, and that is why we're bringing forward our proposed expansion of the five per cent deposit scheme to the 1st of October. Bring it forward by three months, because we're absolutely determined to do everything we can to fast-track home ownership. Fast-track improved number of rentals. Fast-track social ownership of homes as well. We want to make a difference as we target our 1.2 million homes objective with our $43 billion Homes for Australia Plan. During the election campaign, we said this would make a difference. What we're doing as well, is expanding the scheme so that everyone will be eligible, and we're increasing the amount in which it can apply as well to reflect average home prices, which vary, of course, around our states and territories. Here in Canberra, this is making a difference on this beautiful day, but it's making a difference right around the country as well. It follows yesterday's announcement as well, of the fast tracking of 26,000 homes that have been waiting environmental approval. It follows as well, our policy of more prefab and different construction of homes so that more homes can be built more quickly. It follows as well, our pausing of the National Construction Code for four years going forward. These measures, together with our Housing Australia Future Fund, our Build to Rent scheme, our Shared Equity scheme, are all about delivering increased supply, but also delivering increased home ownership, increased affordable rentals and increased public housing and affordable housing as well. It's a comprehensive plan that stands in stark contrast to our predecessors, who didn't bother to have a Housing Minister during most of the time they were in office. I'll turn to Clare, and then we're happy to take questions.
CLARE O'NEIL, MINISTER FOR HOUSING: Thank you so much, PM, and I also want to thank Lachie and Abbie and Chilli. I think we've just met the second cutest dog in Canberra, PM. Today is a good day for first home buyers. Labor is going to make it faster and easier for the young people around our country to get their foothold on the property ladder. This was a policy that was meant to start on 1 January. But our Government is all about delivery. We committed to do this during the election, and we're going to bring this online faster, because we recognise that there's a generation, and probably two generations, that need that additional support. This policy is going to have a hugely meaningful impact for the people that choose to use it. What we know is that it is incredibly challenging for this younger generation to get into home ownership. We're seeing young people having to save eight or nine years to build a deposit with the Five Per Cent Deposit Program that our Government is expanding, we're seeing the timeline brought back to two or three years. This is an enormously meaningful difference to the lives of people that will use this, that's perhaps a seven or eight year period where they're choosing to pay off their own mortgage rather than someone else's, and that's a really good thing. Now this is, of course, is part of our Government's bold and ambitious agenda on housing. $43 billion where we are building more homes, we're helping renters get a better deal, and we're getting more Australians into home ownership. You saw yesterday, our Government make a significant announcement that will bring, according to The Property Council, tens of thousands more homes online. And today, our big focus is on home ownership. Right now, we need to lean in and help those first home buyers get their foothold in the market. And today, we're not just doing it, but we're doing it even faster than we promised.
PRIME MINISTER: We'll take questions on this firstly.
JOURNALIST: Prime Minister isn't the biggest issue here still going to be the availability of new homes. You talk to anyone who's trying to buy a home at the moment, and they say, before they even get to getting a loan, it's often hard just to find a place that's in their price range, in the right area. Is this really going to make a difference? And on that, do you believe that these changes, particularly around the National Construction Code, will allow you to hit your target of 1.2 million new homes?
PRIME MINISTER: You're right to identify supply has been the major issue, and that is why our focus has been on supply. Importantly, we've worked with the sector. The Property Council itself was out there yesterday saying that this will make a difference for tens of thousands of additional homes coming online sooner as a result of our pausing the National Construction Code, cutting red tape, making sure that builders can cut through. And make sure that they do what they want to do, which is to do things faster. When you do things faster as well, there's another thing that happens. You reduce costs, because delays cost money. And if you have - whether it's the National Construction Code or the fast tracking of the 26,000 homes, what they will do is also have an impact on affordability. But we are very razor-like focused on supply. But we also want for first home owners to have a fair crack, and a five per cent deposit will make a difference. It's made a difference to Lachie and Abbie here, who very clearly have just finished study in recent years, were living in Wollongong, have come here to settle, and their friends are coming around to their place, and they're having a look at what they've been able to achieve, and it's encouraging them to go out and look in the market as well.
JOURNALIST: And just on the 1.2 million homes, do you think with these changes to the Construction Code you will be able to hit that target?
PRIME MINISTER: I think the full suite of measures is what we're putting in place. State and territory governments moving. There was an announcement by the Minns Government yesterday associated with transport, but also about housing supply as well. We need to work across state and local government, with the private sector. We're determined to do it. If you don't have a target, you're not trying. The former Government didn't have a minister, let alone a target, and they weren't trying. My Government's determined to make a difference on housing.
JOURNALIST: Prime Minister, what's the thinking behind removing the income caps on the scheme?
PRIME MINISTER: We want to open it up to as many people as possible, and for that five per cent deposit, rather than them continuing to have to save to pay someone else's mortgage, they'll be paying off their own.
JOURNALIST: A question on tax, if possible,
PRIME MINISTER: Sure, anything else on this?
JOURNALIST: Just on the Treasury forecast, your response to the impact they say this will have on the housing market.
PRIME MINISTER: They say this will have a beneficial impact. Together, all of the measures that we've put forward - Clare here has spent many hours, many hours in our ERC going through the full suite of measures that we have. We recognise there's not one thing that you can do that says, 'ok, here's the one policy change that will have an impact.' Together, the suite of measures: the Housing Australia Future Fund, the Shared Equity scheme, the Build to Rent incentive for private rentals, the increased Rent Assistance that we've done as well to help people who are in need, the five per cent deposit, the reserving of homes - in Adelaide just last Wednesday, I went back to the place where, during the election campaign, with Premier Malinauskas and Minister O'Neil, we looked at the model that South Australia has, which is for, in that case, there's about 250 townhouses and dwellings being built, of which around 100 are being reserved for first home buyers only. It means they're not competing with investors or others. It makes an enormous difference, and it's a way as well, you effectively have a support or encouragement from developers for doing that limitation by having an expansion there. It was right on the railway line, making an enormous difference. There's a full suite of measures we're looking at, listening and then acting based upon proper advice.
JOURNALIST: But PM, Treasury is saying that this Five Per Cent Deposit Scheme will slightly push up house prices. So, aren't you worried about that?
PRIME MINISTER: What it does is make sure that we get more people into the market. And the full suite of measures that we're doing is about increased supply. More supply makes a difference for affordability as well. So, you've got to look at nothing in isolation. You've got to look at how the whole package, the $43 billion Homes for Australia Plan works.
JOURNALIST: Prime Minister, have you brushed aside Taiwan trying to join the CPTPP?
PRIME MINISTER: No.
JOURNALIST: But there's a long standing - Australia this year is hosting the partnership. Why, you know, why is Taiwan not joining that?
PRIME MINISTER: Well, there's a long process, and it's a process of all of the members that are members of the CPTPP, it's not a decision for Australia. It's not a decision for Australia, it's decision for every nation according to the processes. We respect those processes.
JOURNALIST: Following the productivity roundtable, has your appetite increased for tax reform, and I guess, where do you draw the line on things that you can do now, and you know, policies to take to the next election?
PRIME MINISTER: Well, I said before the summit that it was a roundtable taking place in the Cabinet Room, it wasn't a meeting of the Cabinet. And it's a good thing that there's a promotion of ideas out there. In particular, I welcome the fact that people around that roundtable recognise that we have to deal with intergenerational equity issues. So, you know, we have an agenda for tax that is decreasing tax next year and the year after. That is our focus, is the policies that we are implementing now. But of course, governments must always look to what they'll do in the future. The job of reform is never done. You need to be continually making policy as we are today, in bringing forward this announcement.
JOURNALIST: The Defence Minister is in the US this week taking meetings. Are you any closer to securing your own meeting with President Donald Trump?
PRIME MINISTER: We'll have meetings with President Trump. A number of events over the coming months - we're about to enter summit season, and I look forward to discussions continuing face to face, as they have been constructive when I've had discussions with President Trump up to now. It's a good thing. There are a range of ministers meeting with their counterparts. That's a good thing.
JOURNALIST: What is your confidence in securing a meeting with President Trump?
PRIME MINISTER: I refer to my previous 5,324 answers to that same question.
JOURNALIST: Prime Minister, when will the Government announce the 2035 emissions reduction target? Are you looking at a cut in the 65 per cent to 75 per cent range, as it's been reported?
PRIME MINISTER: We'll announce this when there's an announcement, and we'll put out that statement after Cabinet makes a decision, and we'll announce it. And then - if I announced everything today, you wouldn't turn up to a press conference tomorrow or next week, would you?
JOURNALIST: More on climate, polling out today suggests Australians do support more ambitious 2035 goals. Will you be ambitious on that?
PRIME MINISTER: What we'll always do is to support action on climate change, and there are two vast different positions when it comes to climate change. You have a government that understands that climate change is a challenge, but it's also an opportunity. You have a government that understands as well, that whilst every single weather event can't be traced to climate change, when you look at the impact on our environment, whether it's the increased water temperature that's having an impact in South Australia, whether it's the droughts in Southern Australia. Whether it's the floods and the Mid-North Coast, whether it's the impact as well that's having on the West Coast, we see an increased number of weather events occurring. That is what science told us would occur. It is happening. It's also good news that there's an opportunity to do something about it, and one of the ways that we're doing that is in the housing area, where our Cheaper Batteries policy is making an enormous difference. I think the figures up around 30,000 now, households in just a couple of months have put batteries connected with their solar panels on their roofs, and Australia has the highest number of solar panels per capita of any country in the world. That's making a difference in permanently reducing their power bills, but also making a difference in reducing emissions and also benefiting everyone, because it's taking pressure off the grid. So, this is an example of climate policy that's good for households as well as being good for the environment and good for our economy. Now our opponents are having a debate, and they had one on the weekend at the LNP Conference, where you had the Leader of the Opposition come along and be repudiated by more than 90 per cent of members at that LNP Conference who voted to get rid of Net Zero. If you get rid of Net Zero, you are saying climate change is not real, and you do not need to do anything about it. You have Barnaby Joyce, whose Private Members' Bill will be debated in the Parliament this morning, openly saying that climate change is not real. That's effectively what they are saying. A former Liberal Leader, of course, described climate change as 'crap'. You know, it is defying what we see happening around us and defying the science. My Government will act on climate change. We, of course, have serious policies, but we also recognise that it's not just about the environment. There's an economic opportunity to acting as well, growing new industries, growing new jobs and expanding our economy as well. There's no country in the world you'd rather be than here. We are in Canberra in winter. The sun is shining. It's early in the morning, and that is a fantastic thing. Why? Because we had the best solar resources in the world. Why would you give up the advantages that we have going forward? We have the critical minerals and rare earths that will power the global economy this century. This is an opportunity for Australia as well as, of course, a challenge. Thanks very much.