Page 3535 - Week 10 - Tuesday, 12 September 2017

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Mr Coe interjecting—

MR BARR: When people borrow for the stamp duty, they have to pay for that. They pay that amount back over the 20 to 30-year duration of their mortgage. So a lower up-front cost less stamp duty means less pain in mortgage payments over the longer term.

Again, the question that those opposite need to answer is: what is their policy alternative? Are they going to jack stamp duty back up again to make housing even more unaffordable for first home buyers, second home buyers, third home buyers and fourth home buyers, in fact anyone who needs to move at any point in their life: those who need to move because they have a baby and they need a bigger house or because they are downsizing. Any time you move, Alistair Coe and the Liberal Party want to gouge tens of thousands of dollars of stamp duty out of your pocket.

We, in contrast, are cutting stamp duty. I can say that not only is the rate of stamp duty lower now—

Mr Coe: You are bringing in more now than in 2012.

MR BARR: Because of commercial stamp duty, not residential. Residential stamp duty has fallen in rate and in quantum in real terms.

Seniors—rates impact

MS LE COUTEUR: My question is to the Treasurer and it relates to the fairness of the rates concession and deferment system.

Members interjecting—

MS LE COUTEUR: Treasurer, the aged assistance deferment scheme applies only to people whose homes are in the highest 20 per cent bracket based on the unimproved value of their home. Why is the scheme not available to older people struggling to pay their rates who live in the other 80 per cent of blocks which are worth less? Surely these people would be more likely to need support than the arguably well-off in the 20 per cent?

Members interjecting—

MADAM SPEAKER: Treasurer, did you hear the question, because there were a lot of interjections. Do you want it repeated?

MR BARR: No, but I note that it was a very long question. In response to Ms Le Couteur, there is a range of different programs and concessions available. Duty deferral is but one of the programs—

Members interjecting—

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