The Bill and the Consequential Provisions Bill give effect to the Government’s commitment to establish Help to Buy to assist Australians on low to middle incomes access home ownership.
The Help to Buy program should be supported as it aims to address the significant barriers to homeownership faced by low and middle-income Australians. By reducing the upfront deposit requirement and ongoing mortgage repayments, the program offers a concrete solution to the housing affordability crisis, thereby promoting social equity and reducing economic disparities [Judgment].
Furthermore, the program enhances social mobility by enabling a broader range of individuals to achieve homeownership, which is a fundamental aspect of economic stability and personal security. The initiative also aligns with the right to an adequate standard of living and the right to health, as it alleviates some of the financial burdens that can detract from other essential life needs.
While the Help to Buy program is well-intentioned, it could lead to unintended market distortions by artificially inflating housing prices, as increased purchasing power might drive demand without a corresponding increase in housing supply [Judgment]. This could exacerbate affordability issues for those not participating in the program.
Additionally, the program involves complex legal and financial arrangements that could create long-term obligations for participants, potentially compromising their financial security. There are also concerns about the potential administrative burden and costs associated with managing a large-scale shared equity program, which could divert resources from other critical areas of need.
2024-10-09
Not Proceeding
Unspecified
Treasury
Housing Policy, Social Support / Welfare, Discrimination / Human Rights