At local markets and street stalls, people often share with me their stories about housing and the rapid population growth occurring right across my electorate of Corangamite in Victoria. They also voice their frustration at seeing so many empty homes across the region. These homes are left vacant while others struggle to keep a roof over their heads. The Albanese government understands that having a place to call home is important to Australians, to their wellbeing and to their capacity to reach their potential. This legislation tackles this issue, so I stand today to support the Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2024. This bill is making sure that foreign investment aligns with our government's agenda to lift the nation's supply of housing. It's also about making sure that we have more houses for more people. The people of my electorate have been calling for this, and our government is acting on their calls.

This bill increases penalties for foreign investors who leave properties vacant. This reform will help ensure that foreign investment in residential property is in our national interest. At the same time, our Albanese government will cut application fees for foreign investment in build-to-rent projects to support the delivery of more homes across Australia. These changes, which were announced in the Mid-Year Economic and Fiscal Outlook, include a tripling of foreign investment fees for the purchase of established homes and a doubling of vacancy fees for all foreign owned dwellings purchased since 9 May 2017. Together, this means a sixfold increase in vacancy fees for future purchasers of established dwellings. But, of course, this is not to say that foreign investment is not welcomed. It is welcomed as long as it is in the best interests of Australian communities.

Under the current framework, foreign nationals are generally barred from buying existing property but can do so in very limited circumstances, such as when they come to live here for work or study. When they leave the country, they're required to sell their property if they have not become a permanent resident. Our changes further encourage foreign nationals to buy new property. The higher fees for established dwellings will encourage foreign buyers to invest in new housing developments. The increased vacancy fees will encourage foreign investors to make their unused properties available to renters and, importantly, this will help create additional housing stock and jobs in the construction industry, and support economic growth. When passed, these measures will take effect from 1 April this year and, for many, this can't come soon enough. Our government recognises this, and we also recognise that over the past decade under the coalition governments, our housing market had lost its way. We know that, under former coalition governments, it was so much harder for Australians to enjoy a fair wage, put food on the table, do well at school, keep good health and own their own home. All the while, houses were left empty. That is not what our communities deserve, and that is why the Labor government is acting. With cost-of-living challenges facing all Australians, this bill signals our government's commitment to ensuring that people right across our nation have access to the dreams and ambitions of homeownership—a dream which has been the pillar of our national identity for decades.

From post-war reconstruction, when the Chifley Labor government delivered the nation's first-ever federal housing policy, to the housing policies of Whitlam, Hawke, Keating, Rudd and Gillard, Labor leaders understood that owning your own home was the key to a rewarding life—a life well lived. Under their leadership, owning a home became the foundation of our new national story. It was the heart of iconic TV shows, like The Sullivans and Neighbours. And who can forget the classic Australian drama The Castle, which told the story of homeownership and the great Australian dream to own your own home. It told this story to the world. But, over the past two decades, former coalition governments have systematically closed the door on homeownership for so many Australians and dismantled this key component of our national identity. 'Tell 'em they're dreaming,' was the coalition's message to Australians who dreamed of owning their own home. Previous coalition governments were more than happy to leave homes empty across the nation while hardworking Australians went without. We know that, because of the inaction of the former Abbott-Turnbull-Morrison government, under them, outright homeownership rates dropped significantly. This inaction was fuelled by infighting and leadership squabbles, which were aptly showcased in last night's Nemesis program on the ABC.

This bill is all about changing that reality. It will help to reshape our housing market by further bolstering our ambitious housing agenda. It's an agenda that includes $10 billion in the Housing Australia Future Fund to build 30,000 new homes in its first five years; a new national target to build 1.2 million well-located homes; a $3 billion new homes bonus; a $500 million housing support program; and a $2 billion social housing accelerator to deliver around 4,000 new social homes across Australia. And there's more. There's our National Housing Accord, which includes federal funding to deliver 10,000 affordable homes over five years from 2024; an investment of an extra $1 billion into the National Housing Infrastructure Facility to support more homes; up to $575 million in funding already unlocked from the national housing reconstruction facility, with homes under construction across the country; and an increase in the maximum rate of Commonwealth rent assistance by 15 per cent, the largest increase in more than 30 years. And it doesn't stop there. There are new incentives to boost support for rental housing by changing arrangements for investment in build-to-rent accommodation; a $1.7 billion one-year extension of the National Housing and Homelessness Agreement with states and territories, including a $67.5 million boost to homelessness funding over the next year; the development of a new national housing and homelessness plan; and, finally, a better deal for renters, which the states and territories have agreed to implement.

Through this suite of measures, the bill I stand in support of today, we are making a real difference for so many Australians looking to buy a home of their own. For example, our Home Guarantee Scheme has seen more than 100,000 people able to secure a home since it was passed in May 2022. This is important progress but we recognise more needs to be done, and that's what this bill and our ambitious housing agenda is all about.

On this side of the House, we recognise that a home of our own represents security, opportunity and prosperity. These principles are foundations for the Australian way of life, and homeownership is the key. I understand this, and our government understands this. We know that people young and old across the nation are worried about the supply of housing. We want to see more Australians in a position to enter the housing market, and we want to see all Australians with a roof over their head. That's why I support this bill, and it's also why I voice my support for the Treasury Laws Amendment (Foreign Investment) Bill 2024. This bill works in tandem with the foreign acquisitions bill. It will clarify the uncertainty associated with the interaction between foreign investment fees and similar state and territory property taxes and Australia's double tax agreements. It also clarifies foreign investment fees and similar imposts to ensure they prevail over the double tax agreements. This will provide certainty that such fees continue to be imposed.

In closing, these reforms are about strengthening our housing market for local communities. Our government understands that, with local and national leadership, cooperation with the states and industry and the right housing policies, we can make a difference in the medium and the long term. Together, we can put Australian interests first and ensure Australians benefits from foreign investment in Australia. Importantly, we can breathe life back into the great Australian story of homeownership. I commend the bills to the House.