THE HON TANYA PLIBERSEK MP
MINISTER FOR THE ENVIRONMENT AND WATER
E&OE TRANSCRIPT
TELEVISION INTERVIEW
SEVEN SUNRISE WITH NATALIE BARR
MONDAY 23 SEPTEMBER 2024
SUBJECTS: INTEREST RATES, HOUSING AFFORDABILITY, HOUSING AUSTRALIA FUTURE FUND.
NATALIE BARR, HOST: The Reserve Bank is widely expected to hold interest rates at 4.35 per cent tomorrow after steady employment figures were released last week. But with just one of the four major banks forecasting a drop to rates before the new year, millions of Aussie homeowners are set to face continued mortgage pressure for months to come.
But for their take, let's bring in Environment Minister Tanya Plibersek and Nationals MP Barnaby Joyce. Good morning to both of you. The RBA has warned us not to expect any rate cuts this year. Tanya, the longer this pain lasts, we know from the polls that the more people are blaming you and your government. What do you say to that?
TANYA PLIBERSEK, MINISTER FOR THE ENVIRONMENT AND WATER: Well, I know why people are concerned about housing affordability. Even if you've got a roof over your head, you worry about your kids and your grandkids. And that's why we've got $32 billion worth of housing affordability measures, including just on Monday, we announced close to 14,000 new homes being built through the Housing Australia Future Fund. We've got the Help to Buy, which is helping people get into the housing market. And right now, we've got legislation stuck in the Senate that would help another 40,000 Australians buy a home of their own that the Liberals and the Nationals and the Greens are blocking right now. When it comes to inflation, we inherited inflation with a six in front of it. We've got it down to something with a three in front of it, that's definitely headed in the right direction. And we're doing everything we can to take further pressure off inflation, including having two surpluses in a row in our Budgets, something that the Liberals and Nationals promised and in 10 years never delivered a surplus. And today the Treasurer's shown that we've paid off $150 billion worth of Liberal and National debt. Again, that really helps with inflation. So, obviously there's more to do, but we're heading in the right direction.
BARR: Yeah, Barnaby, the Treasurer said that inflation would be down between that two and three per cent by Christmas. By all accounts, it looks like his numbers could be right. So, that's good, isn't it? And why are you blocking these housing packages? They sound pretty good, don't they?
BARNABY JOYCE: Because what we've seen - Tanya just mentioned the Housing Australia Future Fund, a $10 billion fund for which they have not completed one house. They haven't completed a house. They keep on making these announcements, we're going to do this and we're going to do that. It's just they don't actually build the house. That's the problem -
MINISTER PLIBERSEK: Yeah, you should have passed it earlier, Barnaby. You blocked it for months.
JOYCE: And so, we're a little bit skeptical about capacity to have a sense of competence to do this. They've been in government now. We're heading towards the end of their turn and they're still living this alternate universe where they tell people things are better -
BARR: And why are you guys blocking it, Barnaby? Because it sounds like people want houses. We've just put a poll out this morning which asked, "Which of the following aspects of cost of living worries you most at the moment?" Way ahead of groceries, way ahead of energy is housing - which is mortgage, rents, interest rates. So, why are you guys blocking it? Can you just explain that Barnaby?
JOYCE: Well, to bring down the price of the payments on houses, you have to bring down interest rates. To bring down interest rates, you have to have the government stop spending so much money and you have to have the government move away from lunatic policies like their renewable energy.
BARR: Which is one thing, but just on the housing packages?
JOYCE: Well, we're quite happy to try and make sure that we work with the government so that they can control interest rates in such a form so it's affordable for everybody.
BARR: Yeah, but on the housing packages?
JOYCE: But you can see it. You can see the confidence. What we have, the problem we have, Nat, is the last time they had a crack at this was the Housing Australia Future Fund. And it's a complete debacle. It just doesn't build any houses. So, when they say this is the panacea -
MINISTER PLIBERSEK: Well, you blocked it for months Barnaby.
JOYCE: Now I've got the solution this time -
BARR: Could you just give us the reason why you're blocking it, Barnaby, just so we can explain?
JOYCE: Because the structure of it is such that it's going to cost - it's got to be another Housing Australia Future Fund mark two, which is a massive amount of announcement to no houses that actually ever happened.
BARR: Okay, well, okay, Tanya, has he got a point? Is it just some big balloon that you guys have thought up in Canberra and we're not going to have any houses built?
MINISTER PLIBERSEK: No, not at all. This is so crazy, right? The Liberals and the Nationals and the Greens get together to block something and then they go, "oh, the government hasn't done the thing that we're blocking." The Housing Australia Future Fund, they blocked for months and months and now they're saying -
BARR: Let's get down to the nuts and bolts. Wait a sec, Barnaby. Tanya, is it going to build any houses? Is he right?
MINISTER PLIBERSEK: Yes, yes, yes. We've just announced all of these in my electorate, electorates right across Australia. There are plans approved, money approved. It would have been much faster if the Liberals and the Nationals and Greens didn't block it for months. And the same thing is happening now with the shared equity scheme, Help to Buy, that will help 40,000 Australians buy a home of their own. Can you ask Barnaby? Why is he stopping young Australians from buying a home of their own if he thinks that's important? And what's his housing policy?
BARR: Ok, Barnaby, there's the question.
JOYCE: State governments have shared equity schemes already. They're already there. This is not a new concept. And they're just - the trouble is they’re just not working because people don't want to have Prime Minister Anthony Albanese as their flatmate. They want to own a house by themselves -
BARR: Tanya, have you got that feedback from the states who have tried it? Tanya, have you asked the states?
JOYCE: - yeah, but what happens is the shared equity scene. The government doesn't share in the cost, like insurance rates, repairs.
BARR: Tanya, have you asked states on their schemes, whether people are taking up the shared equity schemes?
MINISTER PLIBERSEK: Well, look, a really great example of this is Keystart in Western Australia that has been massively successful for many, many years. People have taken that opportunity.
BARR: There you go Barnaby, what about that one?
JOYCE: Well, I sort of disagree with you being massively successful. How many houses has it built?
MINISTER PLIBERSEK: Well, Barnaby, for the people that have got into a home of their own because they have taken up the opportunity of Keystart and they've put a roof over their head and it's a home of their own when otherwise they'd be renting, it's a huge success -
BARR: I might get the figures on Keystart. But I know people building in WA and I think it has been successful, but I haven't got the figures at hand. We might check on that. This has been good. I feel like we've done a bit of back and forth. We just need to check some figures. See you next week. Run out of time. Thank you.
END
