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Legislative Assembly for the ACT: 2021 Week 11 Hansard (Wednesday, 10 November 2021) . . Page.. 3244 ..

anniversary—but we need to work through that with the Chief Health Officer. We are doing that as quickly as we can, and when I have more to say on it, I will.

MR BRADDOCK: Minister, what would be the impact on multicultural communities if it had to be delayed?

MS CHEYNE: I thank Mr Braddock for the question. We absolutely understand how much this festival means to the entire community, but especially to our multicultural communities, who use this as an opportunity to showcase their incredible performances and their culture, but also use this as a fundraising opportunity. If there were any delay we would be working through that with the multicultural community and looking to support them in a variety of ways.

Planning—housing affordability

MRS KIKKERT: My question is to the Chief Minister. Chief Minister, according to CoreLogic’s home values index for the 12 months to the end of October 2021, house prices in Canberra have risen 29.04 per cent but unit prices have only risen 12.95 per cent. This distinction suggests that factors other than interest rates may be driving the difference, such as the supply of detached housing. To help contain the runaway housing market boom in Canberra, will you commit to actually delivering all the land for detached housing promised in the budget?

MR BARR: Firstly, I advise Mrs Kikkert not to draw the conclusion that she has in relation to what would be a small volume of overall transactions, noting where movement has been and the fact that this has been consistent across not only Australia but globally as a result of lower interest rates—more money chasing largely a fixed supply. No matter how much new you release, you are not shifting the dial by more than a couple of per cent in any jurisdiction anywhere in the world. Asset price inflation is a result of low interest rates. It is also a result of favourable taxation treatment—significantly favourable taxation treatment—in relation to investment in housing over investment in other more productive areas of the economy.

In relation to land release, the government continues an aggressive land release program that is ahead of the projected population increase for the territory, which is half what it would otherwise have been, because of COVID.

MRS KIKKERT: Chief Minister, will you commit to reporting more transparently on land release performance for detached housing, rather than rolling it up into the statistics for higher density housing?

MR BARR: There are various reporting mechanisms in relation to detached housing, semidetached housing and high density housing, contained within monthly, quarterly and annual reporting.

MR PARTON: Chief Minister, did you enjoy the benefit of a backyard when you were growing up? Can you understand why others, particularly families, want the benefit of a backyard?

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