First Home Owner Grant

The Hon. S.L. GAME (15:15): I seek leave to make a brief explanation before directing a question to the Attorney-General, representing the Treasurer, regarding the Labor government's policy for first-home buyers, specifically the removal of stamp duty for new buildings only.

Leave granted.

The Hon. S.L. GAME: The recent announcement by the government to extend the first-home buyers grant and abolish stamp duty for first-home buyers is a positive step towards alleviating the financial burden on new home buyers. However, the catch is that these concessions are only applicable to new builds, off-the-plan purchases, house and land packages or vacant land intended for new construction.

For many first-home buyers this poses significant risks and uncertainties. Established properties offer the advantage of transparency and immediate occupancy, whereas new builds require trust in construction companies and patience through potential delays. Recent collapses of several construction companies have left some buyers in difficult situations, including unfinished homes and additional costs. My questions to the Attorney are:

1. Does the Attorney recognise the concerns of first-home buyers about the risks associated with new builds and, if so, how does the government intend to mitigate these risks?

2. Is the government considering extending the first-home buyers grant and stamp duty exemptions to include established properties to provide more options and security for first-home buyers?

3. Will the Treasurer support the abolition of stamp duty entirely as a means to make home ownership more accessible to all Australians, not just first-time buyers?

The Hon. K.J. MAHER (Minister for Aboriginal Affairs, Attorney-General, Minister for Industrial Relations and Public Sector) (15:17): I thank the honourable member for her question. I think I can provide some answers without having to refer them all to the Treasurer. Thousands of homes are built each year in South Australia.

Unfortunately, we do see with a very small percentage things that happen with companies involved in some parts or all of building those homes, as we do in all industries. As the honourable member will see very shortly when the budget papers are handed out, there are very significant concessions for cost-of-living pressures facing families, particularly lower income families, contained in this year's budget.

In relation to the First Home Owner Grant, of course I recognise the concerns the honourable member has raised about some of the risks inherent in any transaction, including the ones the honourable member has outlined. One of the other things that encouraging new builds does is increase housing stock, which we know is critically important not just in Adelaide but right around South Australia and the country.