Good morning everyone, and welcome to the federal seat of Adelaide. It's great to be here with the Prime Minister here today in the electorate of Adelaide, the Premier, Peter Malinauskas, Nick Champion, and my colleague Louise Miller Frost from the neighbouring seat of Boothby. We were here in 2025 in May to have a look at the construction that was just beginning with the Prime Minister and the Premier. It's great to be here, nearly two years later, just over two years, to see it come to fruition, and to actually speak to people who have had their lives changed because of the policies that we've put in place to ensure there's more housing. Lots is being done in this area, lots was announced the other night, and I know that the things that we've announced and the work that we're putting into housing will ensure that the next generation of Australians, it will be a little bit easier for them to purchase their home and have the same opportunities that people my age had in terms of fulfilling that Australian dream, and that is a roof over your head. It's so important, whether it be social housing, making it easier for renters, and ensuring that people can purchase their own homes as well. On that note, I'll hand over to the Prime Minister.
ANTHONY ALBANESE, PRIME MINISTER: Well, thanks very much, Steve. And it's great to be back here at Prospect Corner with the Premier, Peter Malinauskas, and with members of our teams. It's also great to be here with Harry and Erin and Brisna. Harry and Erin have benefited from the Housing Australia Future Fund, they live just up the road here in Bowden. Brisna is going to be living just over there when this is completed. There are going to be 208 homes here in total, providing that security that comes from a roof over your head, and today we're recognising the completion of 100 homes here that are ready to be lived in. This is an extraordinary project. We visited here during the election campaign just one year ago, and today we're back and watching the completion. The sort of work that's come through the Housing Australia Future Fund, which is an important part of our $47 billion Homes for Australia Plan. It's a comprehensive plan, it consists of support for social and affordable housing through the Housing Australia Future Fund, the Build to Rent Scheme that is supporting an increased number of private rentals. Our 5 per cent deposits, which has benefited 250,000 people going into their first home as first home owners. And the Help to Buy Scheme, which is a shared equity scheme, again helping people into home ownership. So whether you're someone who needs social housing, whether you're someone in a private rental, or you want to own your own home, our plan is comprehensive, and it's been added to because we know that we needed to do more on supply. So the changes that we put forward in the Budget last Tuesday simply do this - if you have a negatively geared home, you can still continue, there are no changes in those arrangements. You can help to invest in an asset for yourself and your future wealth. But if you want to invest in the future, it needs to be a new home, so that as well as building up your assets and your wealth in the future, you're building up the assets and wealth of the nation. That is the change that we're putting forward here. It's a common sense change, and it's one that is also aimed at building supply. This development is, of course, part of the Housing Australia Future Fund. And on Thursday night, Angus Taylor again said he'd abolish it, like he'd abolished Build to Rent, abolish Help to Buy, abolish all the programs that are making a real difference for real people like Harry and Erin and Brisna. This isn't some theoretical program, this is literally real concrete in the ground making an enormous difference, giving people access to those homes. Now as a result of our tax changes, there'll be 75,000 Australians will be able to get into their first home, and that will make an enormous difference as well, making an incredible difference along with our 5 per cent deposit scheme. I think we might have actually announced here during the campaign, certainly we announced during the last election campaign the expansion of it. And the fact that it's helped 250,000 people into their own homes, and of course, if there are two in each of those homes, that's half a million Australians have got into their first home as a result of the plan that we've put forward. This budget is about giving young people a fair crack at home ownership, just like my generation had, and quite frankly, we know that the Australian dream of owning your own home was becoming more and more difficult. My government wasn't prepared to sit back and watch that happen, what we've done is take action, and it's positive action, and we'll work with state and territory governments across the board to continue that as well. And I'll hand over to the Premier.
PETER MALINAUSKAS, PREMIER OF SOUTH AUSTRALIA: Well, thanks so much, Prime Minister. It's great to be here with you, as always in South Australia. We're very grateful for your regular visitation to our state and talk about things that matter to people. The thing that we in state government spend most of our time worrying about is housing. Housing represents a critical element of the intergenerational social compact that we've had in this country for generations, one family to the next, being able to pass on the opportunity of home ownership, and that's been at risk in Australia, and that's why those in government can't just sit around and observe the problem, they've actually got to do something about it. And I've been very grateful that the Albanese federal government has been partnering with my government to actually see more housing supply come online, and this development here is only one example of that. Scattered right throughout South Australia and Adelaide are examples of housing projects that now have people living in them today exclusively because of the partnership between the federal government and the state government through the HAFF program. There are houses where people are living in today because of the HAFF program and without it, that would be less supply, only contributing to the problem rather than actually the solution. So, it beggars belief that a federal Coalition would commit themselves to abolish a program that's changing people's lives better. Giving them access to home ownership, giving them a roof over there. It just speaks to a party that isn't serious about addressing the housing crisis in a way that is meaningful. But whether it be the HAFF program or also the other critical partnerships that were had with the investment in infrastructure, I was very grateful to see that the Budget last week contained a $2 billion investment to partner with states to actually see the infrastructure being delivered that unlocks housing growth, and the one, of course, we're most familiar with in South Australia is water. We have more pipes going on the ground in South Australia because of our partnership with the federal government and we appreciate that. Now, when you add it all up, where does it take us? Well, it takes South Australia to be the national leader in housing construction growth, the national leader. Faster than every other state and territory in terms of the number of new homes being built in South Australia, because we've made the decisions to make a difference, and that's important to young people in particular. So I thank the Prime Minister for being here, I thank him for his policy efforts, and we look forward to continuing to make a difference in housing supply in South Australia. I think the people who can talk to that probably better than everyone, anyone I feel like, are Harry and Erin and Brisna. I invite them to say a few words.
ERIN, NEW HOMEOWNER: Good morning, everyone. Thank you for having us. Harry and I moved into our new apartment in Bowden about three or four weeks ago, and the whole time as we were moving all of our furniture in and were having friends helping us, all I could think is, 'god, this is, we're so lucky, this feels too good to be true.' And that's felt true since we bought the place, now that we've moved in and we're settling our life together. But the whole time that I've been thinking that, I've had in the back of my mind how lucky we are. Now this isn't always true for other younger Australians. We're especially fortunate because we're PhD students, and now we're able to focus on our higher education while building our life together. We're lucky enough that this spot has lots of public transport, bike paths, communal areas. It's a high density of living, and it just really emphasises the need for more schemes like this, so that other young people can now live the lifestyle that we're lucky enough to lead.
HARRY, NEW HOMEOWNER: Also, I know I've focused on the speed of the house is coming up, but we also had an inspector come through for our build, our new build, and he was very impressed with the quality as well. We're looking to move in and live there. We want this to be a home for the long term, and that reassurance of the quality of this new build being up to scratch is great for us for that confidence, and then also what Erin said about public transport, like I haven't driven my car all month. I've gone to work every day by the tram, I've gone to other events and things on the train or bike, so it's been great. I haven't had that opportunity before in other places I've rented or lived, and that's been great. So really appreciate this scheme.
ERIN, NEW HOMEOWNER: The sense of community can definitely can't be understated. I think something that's just fun to mention is a bike bus we do with our friends. So all of us take our bikes to the city, there's like five of us in a row taking a bike, and that's not possible in a lot of areas of the state. So it really emphasises the need for more locations like this, and one last point I would like to make is I would say about one in five interactions I have with people when I say I've moved into Bowden, is go, 'Oh, that's fantastic, I've been looking for an investment property there', but I can't overemphasise how infuriating that is. That for a really long time it didn't feel like we were going to be able to get a house at all, especially not whilst we're studying our PhDs. So I'm really happy that this is becoming a little bit more accessible for people like us, and it's really life changing. So I'm very glad that it's been rolled out on a larger scale. Thank you for having us.
JOURNALIST: Those friends that you get on the bike bus with, do they own or do they rent?
ERIN, NEW HOMEOWNER: They're all owning as well, yeah. So there's six or seven of us in Bowden at the moment, and then Brisna is in Prospect. We have three other friends in Prospect as well, and then two friends in Adelaide Central. So we're all within a two kilometre of a radius of each other on public transport areas as well. So it's fantastic to have the alternatives. We were just catching the tram to Tasting, Australia, and it was great not to have to worry about parking or anything.
JOURNALIST: Are you from Adelaide?
ERIN, NEW HOMEOWNER: We're from Adelaide. Yep, grew up in the hills as well, so, you know, the options for public transport were pretty limited. You know, I'd have a bus that would take like 50 minutes on a good day, whereas now just jumping on a tram, it takes maybe 15 minutes. It's fantastic.
JOURNALIST: How hard was it to get to this point, though? How many years had you been thinking about it, dreaming about it, how hard was it?
ERIN, NEW HOMEOWNER: We've both had a job since we were 14 as well. So, I think sometimes it's a little bit of a narrative of, you know, this generation, kids these days don't know how to work hard. We work extremely hard. Yeah, and we've had a job since we were 14.
HARRY, NEW HOMEOWNER: Yeah, it took several years of saving, and that's a lot of effort, and if you're a young person, you do have to make some sacrifices, but that's the same with any savings goal. Like if you wanted to do something else and travel or other things more, then maybe you also don't want to own a home, but there's also lots of affordable rental programs, which are a lot more flexible. You might not want to settle down and live in a home for a long period of time, you might want to rent, and if the rental opportunities aren't stable and you can't live there for a period of time with affordable rent, then that's not possible. But there's a lot of schemes coming up that make it possible. I know the reason that a few of our friends were able to buy was because they had affordable rentals previously, otherwise they wouldn't have been able to save that amount of money to the deposit.
PRIME MINISTER: Fantastic, thanks. Brisna is going to have a couple of words.
BRISNA, NEW HOMEOWNER: Hello, my name is Brisna, and I am incredibly privileged to have a property through the Shared Equity Scheme. So, without the Shared Equity Scheme, it wouldn't have been possible for me to even enter the private, to even enter the home ownership market, because that just due to the economic conditions and obviously the way that the home ownership scheme has been set previously in the past has led to most young people, at least most people I know, being priced out of the rental market, in terms of better rentals, and in terms of home ownership, definitely not having a foot in the door. So, thanks to the Shared Equity Scheme, I actually have a foot in the door, and as a single income owner, I can actually own my own home and my forever home as it will be, and I'm incredibly grateful for this opportunity. I also do know that it has come from an incredible place of privilege, where people who, for example, some don't have the access that I had. For example, I stayed with my parents this whole time. There are so many more young adults who don't have that option available. However, it has been an incredible journey to get here. It has taken quite a long time for me to get into a house, and especially, you know, the options available, for example, to single income owners are, you know, one bedroom, one bathroom, potentially 40 minutes out of Adelaide CBD, where there is a reliance on public transport, of course, but not one that will guarantee you to have time and convenience. Whereas the way the Prospect Corner Development, the reason I bought into this development is actually because of the light rail, the light rail that is accessible. And because of that, and because of what my friends have also said, the access to public transport in connection with infrastructure and home ownership has been an incredible benefit to me, and I'm sure to many other Australians who won't have this opportunity available if it hadn't been for things like the Shared Equity Scheme. Thank you.
PRIME MINISTER: Could I just give a shout out to Harry and Erin and Brisna. You know, from time to time, we have busy lives, but you are why we do what we do. I reckon I can speak on behalf of Peter as well, that it just lifts you up to see when policy is making a practical difference. Brisna's home being built over there, and Harry and Erin, who recently got engaged. So congratulations to them as well and best wishes for the wedding coming up.
JOURNALIST: Prime Minister, from a budget point of view, have you backfired slightly? At least one poll sees Angus Taylor going past you as preferred Prime Minister. Have you got it wrong?
PRIME MINISTER: What we're doing here is getting it right for 75,000 young people to get in their own home. We're getting it right for people like Harry and Erin, standing up for the Housing Australia Future, which is building these properties right here now that Angus Taylor would get rid of, and it wouldn't have happened. They blocked it, you might recall, for two years in the Senate. These would have all been completed had those blockages not occurred right around the country. Or the Shared Equity Scheme, the Help to Buy Scheme that's helping Brisna into her home here, that they would get rid of as well. Again, that they opposed. All of these measures were opposed by the Coalition. Now the three right wing parties and their allies will continue to oppose these measures, but they're important. A $47 billion Homes for Australia Plan is important for the nation, and I'm in politics to make a positive difference to people's lives. That's what we'll be doing.
JOURNALIST: But don't you want to be more popular than him? Would that be correct?
PRIME MINISTER: What I want to do is to make sure that we are putting in place the right policies. And we're putting in place the right policies, and in contrast with the three right-wing parties and their allies. Sometimes they say what we need is tax reform, but then oppose every tax reform that's put forward. And what we're doing is making sure that there's a better alignment between the tax paid on your labour, on working, and that paid on your assets, and that is a reasonable thing to do. It's something that's been called for by economists for a long period of time, making sure we get that level playing field to make a practical difference to the lives of people like the three young people who we're with today.
JOURNALIST: Can you detail which trust funds will now have the minimum 30 per cent tax imposed from July 2028 and why that change is needed?
PRIME MINISTER: We did that on Tuesday, of course, and there's a range of exemptions that were there, outlined on Tuesday. What we're saying is that if you have an existing discretionary testamentary trust, for example, they continue going forward, and when it comes to fixed trusts, they continue as well to be exempted.
JOURNALIST: On Newspoll this morning, why do you think voters are calling this one of the worst budgets in decades?
PRIME MINISTER: Well, my job is to put in place good policies to make a difference for people, that's what we're doing across the board. And my government continues to focus on building more homes for Australians. It's the right thing to do. It's what the country needs. And what's more, it's what has always been opposed by those opposite. Those opposite remember, whether any of the right-wing parties all voted against all of these programs that are making a difference for people.
JOURNALIST: Will you apologise though to voters for breaking the promise of capital gains and negative gearing?
PRIME MINISTER: We've changed our position, and we've explained why. We've changed our position, because on Saturday we had young people trying to buy their own home with a roof over their head, not competing against someone who was an investor with the taxpayer providing them support. So the difference is that if the investor wants to go that one bid more, and bid another $20,000 more, or another amount, they know that that leads to an increase in their tax deduction. So, it's an unfair advantage that they have over people trying to secure a roof over their head.
JOURNALIST: So, it's a good thing, Prime Minister, that Sydney had its lowest auction clearance rate over the weekend, and that just happened to coincide with the Budget. Is that a good thing?
PRIME MINISTER: Well, the figures are very different, but we'll wait and see. Though I saw one report of that, that had two contradictory messages in there. So, we'll wait and see.
JOURNALIST: The war on illegal tobacco, is that a war we've lost, and is it worth considering dropping the tax on tobacco?
PRIME MINISTER: We had a Budget on Tuesday.
JOURNALIST: The Coalition says the tax changes to Testamentary Discretionary Trust Funds amount to a death tax. Why is that not the case in your view?
PRIME MINISTER: Well, the Coalition and their allies will say lots of things, and sometimes the allies will just repeat the lines coming from the Coalition, and that's up to them. But what we have put forward very clearly is comprehensive policy. And of course, when it comes to trusts, if people want to continue the existing discretionary testamentary trust, there's no change, they can continue with fixed trusts.
JOURNALIST: Prime Minister, on the Capital Gains Tax, many young people have looked the share market to try and help save for a deposit, or they will be reinvesting, and they'll be taxed more and be punished as a result of this Budget. Is your government open to tweaking those measures to ensure those people aren't punished?
PRIME MINISTER: Well, what they'll be doing is having for future, from the future date, is taxed on real gains, so making a difference. Just as when you as a worker pay tax on the income that you receive, what they will do when it comes to Capital Gains Tax, is to return to the pre-1999 position, which is to be taxed on real gains. So the gain less inflation to be taken into account. That is better aligning income from work with income from assets. That's called tax reform, and it's something that's needed in this country.
JOURNALIST: Prime Minister, on the death tax, why are you essentially penalising parents who just want to secure their family's future?
PRIME MINISTER: We're not. The existing position stays exactly the same. If they want to keep the arrangements in, then a fixed trust can be there as well. What we're doing is making sure that the tax system works for everyone.
JOURNALIST: Prime Minister, can you update the people of Port Pirie on funding arrangements for Nyrstar?
PRIME MINISTER: We're continuing to work with Nyrstar, both in Port Pirie and in Tasmania, with the South Australian and Tasmanian governments, we're working through those commercial arrangements, just like in Whyalla, here in South Australia. My government supports manufacturing, we support jobs, and we're working with state governments constructively, as well as with the private sector, on those issues.
JOURNALIST: How concerned are you that you're going to need, you've just allocated another $200 million in the Budget to Whyalla. How concerned are you that this is an empty bar cart and you're going to have to continue funnelling money into that?
PRIME MINISTER: No, we are very confident, and what's more, what we do is we recognise the importance which is there of having a steelmaking industry in Australia. We want a future made in Australia. We want more things to be made here. That's how our economy becomes more resilient. The theme of the Budget was resilience. Resilience in making more things here, being less vulnerable to these international events. That's why we had some 14 plus billion dollars for our fuel security plan. I mean, people have stopped asking me questions at press conferences about this issue, but there is a war going on. There's a war going on in the Middle East that is having a massive impact in our region and on economies right around the world. And what we have done through the announcement that we made again on Friday, another three cargoes, another 150 million litres of diesel being delivered, including here in South Australia to make a difference. The fact that we have more fuel here in Australia now than we had on February 28 is remarkable. It's due to the hard work that we've done with Export Finance Australia. It's a great example of my government working with the private sector to deliver for Australians to make us less vulnerable. But the other part of resilience is giving Australians a stake in the economy. Is making sure that people know that if they work hard, they can get ahead, they can have the opportunity in life, like Harry and Erin and Brisna have wanted to own their own home. That's how you give people that stake in the economy, and that is what's so important. Thanks very much.
