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Parliamentary Questions


Question Without Notice No. 417 asked in the Legislative Council on 8 May 2019 by Hon Peter Collier

Parliament: 40 Session: 1

KEYSTART LOANS

417. Hon PETER COLLIER to the minister representing the Treasurer:

I refer to the government's decision to increase Keystart's existing income limits by $15 000 for singles and couples, and by $20 000 for families from 1 July 2019 to 31 December 2019.

(1) Did Keystart or the Department of Treasury undertake any modelling on the impact of this policy decision?

(2) If yes to (1), what is the increase in the number of people who will be able to access Keystart loans as a result of this decision?

(3) What is the expected increase in Keystart's borrowings as a result of this policy decision?

(4) What is the expected number of increased dwellings that will be built as a result of this policy decision?

(5) Why did the government increase the income limits for only a six-month period?

Hon STEPHEN DAWSON replied:

I thank the honourable Leader of the Opposition for some notice of the question.

(1) Yes.

(2) It is estimated that an additional 350 to 400 loans will be issued by Keystart as a result of this decision. Industry figures have suggested there could potentially be as many as 500 to 600 additional homes purchased.

(3) The expected increase is $50 million.

(4) It is estimated that an additional 250 to 300 new homes will be built as a result of this decision. Industry figures have suggested there could potentially be as many as 400 to 500 new homes built.

(5) It was to provide an immediate and targeted stimulus to the housing construction sector. It has been noted by the housing construction industry that the shadow Treasurer is actively discouraging potential homebuyers from taking up this offer.