Page 2591 - Week 09 - Tuesday, 25 September 2007

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much of which is mandatory for adoption by the states and territories. The ACT regulation will be made as soon as possible following the passage of this bill.

The local legal profession have been preparing for some months now to implement this bill, and I acknowledge their considerable effort and commitment, especially moving from one system of trust accounting and costs disclosure to another to commence on a predetermined date. It is therefore critical for the Assembly to pass this bill in time for its commencement on 1 October 2007, as provided for in the transitional provisions in the act. Clearly with this passage today, we will be in a position to achieve that.

I would like to thank members for their willingness to engage in discussion and consultation on this legislation, and I commend the bill to the Assembly.

Question resolved in the affirmative.

Bill agreed to in principle.

Leave granted to dispense with the detail stage.

Bill agreed to.

Revenue Legislation (Housing Affordability Initiatives) Amendment Bill 2007

Debate resumed from 7 June 2007, on motion by Mr Stanhope:

That this bill be agreed to in principle.

MR MULCAHY (Molonglo) (11.21): Mr Speaker, let me say at the outset that the opposition will be supporting this bill. I will, however, take this opportunity to make a few comments on the nature of the bill and the housing affordability initiatives that it introduces.

The issue of housing affordability is one that must be approached cautiously. Whilst I personally support measures to make it easier for people to be able to own their own homes, the fact that many people already own homes, homes that they need to protect the value of, is a primary consideration that cannot be discounted and too often is overlooked in terms of political debate at both territory and federal levels.

Housing prices are rising but a great many people are still entering the market and doing so at a young age. Whilst I have not seen statistics on the number of people under the age of 30 acquiring homes relative to some decades ago when I was in that age range, I have sensed that it is a greater rate than it has been in the past, even though there are arguments about a declining percentage of home ownership in the community at large.

Although prices are rising, many people are making sacrifices and are working hard to enter the market. This is a good thing, but I would issue a general word of caution against people overextending themselves in seeking to finance home loans. People

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