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April 13, 2025
Transcript – ABC News Breakfast (Coalition Campaign Launch)
13 April 2025
E&OE
GREG JENNETT:
Thanks for the introduction. It is James Paterson, Victorian Liberal Senator, but he doubles at the moment as campaign spokesman while also being Shadow Home Affairs Minister. James, welcome to our preview coverage before the launch, which will take you into the auditorium very shortly, I'm certain. We did play from other media commitments you fulfilled this morning. A bit of a summary of the housing mortgage deductibility policy. You can recap briefly if you wish. The key question that attaches to it that hasn't yet been answered. What is the cost to the budget of that policy?
JAMES PATERSON:
Yes, Greg, I've certainly seen the speculation in the media this morning about a pending future announcement from the Coalition in this space, including from your colleague Jacob Greber on insiders this morning. Certainly sounds like a very exciting and potentially transformative policy for first home buyers, but it's not my role as campaign spokesman to announce policies before my colleagues in their portfolio areas. The good news I have for you, Greg, is that if your viewers stay tuned in to ABC for the next 50 minutes or so, they will hear more from Peter Dutton about this and many other areas of policy from the Coalition.
GREG JENNETT:
They will, I'm sure. Even if I can't tease you into all of the details, imagining that this is, in fact, accurate reporting. It's a massive game changer in the Australian context. Would it not be?
JAMES PATERSON:
Well, I've certainly seen some housing industry groups out there already welcoming this policy before it's been formally announced. And I think that just speaks to the potentially transformative effect of a policy like this. It's very clear that on Labor's watch, first home buyers are missing out and the housing market is out of control. Rent is up, house prices are up. And that's partly because they've brought a million people into our country but haven't built the houses necessary. In fact, their signature housing policy, the Housing Australia Future Fund, has not built a single house. And media reporting yesterday indicated it may need a taxpayer funded bailout because of market volatility. I mean, that just speaks to the failures of housing on this government's watch.
GREG JENNETT:
All right. Again, speaking broadly about demand side measures, which this would be, how would that not be hyperinflationary, at least within the new home construction and sale sector?
JAMES PATERSON:
Well, we've got some very strong policies out there already to reduce demand, including bringing down immigration, because that is a driver of demand, and banning foreign investors for two years from buying Australian homes. We also have policies out there to increase supply. Critically, the $5 billion fund to do that kind of infrastructure, which is holding off housing development. So we've got private developers out there willing to build homes, up to 500,000 of them, but can't build them because the road infrastructure is not there, electricity infrastructure is not there, sewerage and water infrastructure are not there. So we're going to step in. We're going to fund that. That will unlock supply, and that will make sure that we don't see an impact on prices from any potential demand side policy.
GREG JENNETT:
Is that a guarantee, you would not see inflationary forces? The pre-existing policy which you just outlined there definitely does seek to address supply, but I'm going to suggest the details that we do know of on the deductibility of mortgage would hyper supercharge the demand side and not necessarily keep them in equilibrium. Are you guaranteeing that it would not be inflationary?
JAMES PATERSON:
Well, I saw the Minister for Housing, Clare O'Neil, being interviewed by David Speers earlier this morning on Insiders, and she said the change that the government is making to the Coalition's policy, the home guarantee policy, won't have a significant effect on the housing market. And if that's the case for that policy, then I think it would be the case for any other policies. But we will have more to say about this, including the things we can do to support the supply and construction of new homes, because that is what is critically needed, and we will have more to say about that very shortly, Greg.
GREG JENNETT:
And the political objective here seems to my eyes fairly obvious. This is young, aspirational, suburban and outer suburban voters, that much you would agree with, I assume?
JAMES PATERSON:
I'm 37, Greg. It is my generation and those below mine that have been locked out of the housing market for too long, that are so depressed about their prospects to ever enter into the housing market. We want to give them hope again. That's what we believe in, and there's so much else that we'll do, including reforming the building industry, getting the criminality and corruption out of it, deregistering the CFMEU; the Labor Party can't do that. We also want to let homebuyers access their superannuation if they want to, to pay for that deposit. So this is really a massive problem for our country. Peter Dutton is very determined to be a Prime Minister that delivers the hope of home ownership back to Australians again.
GREG JENNETT:
I'm sure those young Australians being targeted would agree. Maybe it's their time in history for some equalisation when it comes to intergenerational equity, but it does or would narrow the tax base, wouldn't it?
JAMES PATERSON:
Well, wait and see what we have to say about our policy, Greg. But I think it's very clear that Australians are taxed enough already under this government, we want to reduce the tax burden on them. That's one of the reasons why our other announcement today is about providing a cost of living relief through a tax offset very quickly, because Australians’ living standards have been smashed over the last three years, more than any other country in the OECD, more than ever in our own history, about 8% down on what they were three years ago.
GREG JENNETT:
Is that relieved very quickly? To use your phrase, though, because no one would see the offset in their bank account until 16 months from now. Peter Dutton's had a lot to say about the government's two stage tax cuts that don't kick in until the same period of time, so can't have it both ways.
JAMES PATERSON:
Well, the difference here is, Greg, is that we've also got our tax cut to petrol and diesel. So every time you fill up under a Dutton Coalition government, you'll be $14 better off than you would be under a re-elected Albanese Labor government. That will start as soon as we can legislate it, straight away and make a really big difference for families. That could be up to $1,500 a year for a family that fills up their car twice a week, and when that ends, now you'll be able to get up to $1,200 in a tax offset on your tax that you pay next financial year. So it's very quick relief, and it's much bigger relief than the government is proposing, $1,200 a year from us, $0.70 a day from them.
GREG JENNETT:
All right. Now I know you do have to get in there. One quick final one, since Patricia Karvelas touched on it in our coverage, it does harken back to yesterday and to Jacinta Nampijinpa Price's MAGA moment, unwelcome?
JAMES PATERSON:
Look, Australia is a great country already, but we don't have the best government in the world. And frankly, we need to change the government at the next election if we want to get our country back on track.
GREG JENNETT:
You wouldn't use that phrase yourself, though?
JAMES PATERSON:
The Liberal Party and the National Party will be a strong government for a country that will get inflation down, that will deal with the cost of living, that will build more homes, and that will keep Australians safe. Only by voting for your Liberal and Nationals candidate can you get our country back on track.
GREG JENNETT:
Is Australia presently great?
JAMES PATERSON:
I think Australia is a great country, but we don't have the greatest government in the world, that's for sure.
GREG JENNETT:
All right, James Paterson, I know it's a busy morning for you and all the frontbenchers. Thanks so much for joining us.
JAMES PATERSON:
Thanks, Greg.
ENDS