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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2008-09-23 Daily Xml
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HOMESTART FINANCE

Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (14:54): My question is again to the Treasurer. What is the current value of Breakthrough Loans issued through HomeStart and what is the value of debt write-off provisions in 2008-09 for those loans? According to the 2006-07 Auditor-General's Report, page 584, the government introduced, and underwrites on behalf of taxpayers, a 'Breakthrough Loan facility' in 2006-07. The important feature of the loan is that repayment of a portion of the loan balance is deferred until sale of the property.

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations) (14:55): I will get that information for the Leader of the Opposition. However, that is the whole reason HomeStart exists, to assist people who cannot otherwise get themselves into home ownership to get themselves into home ownership. Is the Leader of the Opposition now saying that we should not be assisting the disadvantaged to get into home ownership? He comes into this place and week after week I hear cries about 'What are we doing to get families into home ownership?'

Mr Hamilton-Smith: What is your debt write-off provision?

The SPEAKER: Order!

The Hon. K.O. FOLEY: I will get that information for the leader.

Members interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: That is coming from a leader whose priority is a $1.2 billion football stadium, not assisting the disadvantaged to get home ownership. That gives us a very sharp difference between this side of politics and our Liberal opponents.

Mr Koutsantonis: Hospital or football stadium?

The Hon. K.O. FOLEY: Yes; football stadium or home ownership? HomeStart has a very proud record as being an institution that has got people into home ownership who otherwise would not. That is why, under the former Liberal government, the HomeStart board existed, and that is why, under the former Liberal government, there was strong support for exactly what HomeStart did. But I will get all the financials and I will give that information to the house as soon as I am able to do so. As I said, the last briefing I have read on HomeStart is that it is well managed, that default rates are within provisioning, and as far as it is an operating bank it is operating as its charter and as its requirements are under legislation.

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