I am honoured to be able to speak to this issue in strong support of the expansion of the five per cent deposit scheme—a practical, commonsense initiative that will make a real difference for Australians who have been locked out of the housing market. This scheme is, essentially, about fairness. It's about giving Australians—hardworking nurses, teachers, police officers, hospitality workers—a genuine shot at the great Australian dream of homeownership. For too many people, that dream has felt out of reach.

Let's be honest. Saving a 20 per cent deposit in today's housing market is simply impossible for many Australians, particularly young people and families who are trying to buy that first home. In Newcastle the median house price is around $900,000. That means a 20 per cent deposit is $180,000—that's before we've even factored in stamp duty and other associated costs. How many people can realistically save that kind of money while paying rent, covering living costs and trying to get ahead? The answer is: not many.

That's why this scheme is such a game changer. Under the current scheme, eligible first home buyers can purchase a home with as little as a five per cent deposit without having to fork out for costly lender's mortgage insurance. That's thousands of dollars saved upfront—money that stays in the pockets of people instead of going to the banks or insurers. It's a practical way to help first home buyers enter the market sooner and with less financial stress. Importantly, it's targeted to those who need it most: Australians who have the income to service a mortgage but simply can't break through the barrier of saving for that massive deposit.

With this expansion of the scheme, all first home buyers will now have access, with no caps on places or income limits. Property price caps will also rise in line with average house prices, providing access to a greater variety of homes. It means a first home buyer in Newcastle can purchase a $900,000 home with a $45,000 deposit. They could save up to 10 years off the time it takes to save for a deposit, save about $40,000 in mortgage insurance and pay up to $345,000 towards their loan instead of paying rent. In the first year alone, first home buyers using the scheme are expected to avoid around $1.5 billion in potential mortgage insurance costs. This is about breaking down those barriers, giving people not a handout but a leg up, so they can take control of their future and build wealth for themselves and their families. In Newcastle, this means more young couples, more single parents and more key workers will be able to buy a home in the community they love, close to their families and close to their work. And that matters.

This scheme is just one part of Labor's comprehensive plan to tackle Australia's housing crisis. We know there is no silver bullet, and that's why, through our $43 billion Homes for Australia program, we're investing right across the housing spectrum, from emergency accommodation to social housing, and from affordable rentals to home ownership. Through the Housing Australia Future Fund, we're building 30,000 new social and affordable homes. That's the single biggest investment in social and affordable housing in more than a decade. We've boosted funding for homelessness services and increased rent assistance to help those who are doing it tough right now. And we've struck the National Housing Accord, an agreement between all levels of government, investors and the construction sector, to deliver 1.2 million well located homes over the next five years. These are serious reform measures. They're big, ambitious policies that will deliver real results, and they're backed by billions of dollars in investments from the Albanese Labor government.

But here's the truth: every step of the way, the Liberals and the Greens have tried to stop this. They blocked the Housing Australia Future Fund for months, playing politics while Australians struggled to keep a roof over their head. They delayed critical funding for social and affordable housing, because they wanted to grandstand instead of government. The Greens talked a big game on housing, but, when they had the chance to vote for more homes, they voted against it. They voted against $10 billion for social and affordable housing. That's 30,000 homes that they tried to block. And the Liberals—well, they spent a decade doing absolutely nothing on housing. They left a legacy of neglect, and that's what we are working hard to fix now. Australians deserve better than this. They deserve a government that rolls up its sleeves and gets things done, and that is exactly what Labor is doing.

The five per cent deposit scheme is proof of what we can achieve when we focus on those practical solutions. Already, Australians have used this scheme to buy their first home, and we are going further, expanding eligibility so even more people get to benefit. In Newcastle, more than 1,000 people have gotten the keys to their new homes so far. That's more families getting a start in the market. It's more young people being able to stay in the region they love. It means stronger, more vibrant communities. This is real action making a real difference right now. Owning your own home shouldn't be a privilege reserved for a few. It should be an achievable aspiration for anyone who works hard and plays by the rules. The five per cent deposit scheme is helping make that aspiration a reality. It's giving hope and opportunity to thousands of Australians, and it's part of Labor's bigger plan to fix housing in this country.

While others talk, Labor acts. While others block and delay, Labor builds. We build homes, we build communities, we build a better future, and we will keep doing that because every Australian deserves the security, stability and dignity of a place to call home.