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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) (14:57): Again to the Treasurer: what then happens to loan balances and, therefore, debt write-off provisions if, as a result of a downturn in the real estate market, properties secured by HomeStart are sold for less than the purchase price?

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations) (14:57): Ten minutes ago 'with the downfall in property prices', now he says if there is a downfall in property prices; talk about somebody who wants to talk the economy down. Talk about somebody who wants to talk equity down. Talk about a leader who wants to carp and criticise and talk down the economy at every opportunity.

A more courageous leader and a more active opposition would have asked these questions three or four years ago. These are loan products that did not materialise in the past six weeks, or the past six months. Property cycles come and go. It was obviously a product that members opposite were more than comfortable with because they have said or done nothing to indicate that they do not support it. This is base opportunistic politics. This is the singling out of the most disadvantaged and vulnerable people, whom we as a government are proud to try to support in the best way we can.

Members interjecting:

The SPEAKER: Order!

Mr Pisoni interjecting:

The Hon. K.O. FOLEY: A bit like ordering some office furniture from your old company, eh? I reiterate that HomeStart is a well run and well managed entity, and I can be very confident in saying, as Treasurer of this state, that that entity has given me no concern whatsoever. I will get as much financial detail as I possibly can to the parliament as quickly as I can.

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