Home Ownership Dreams Disappear under Labor

Media Release from Leader of the Opposition Lia Finocchiaro MLA and Shadow Minister for Business, Jobs and Training Marie-Clare Boothby MLA:

Territory Labor’s reckless economic management has seen new home loans collapse.

Stark figures that show a paltry 6 new loans were committed for construction of new homes during the month of April.

The lending indicators data from the Australian Bureau of Statistics (ABS) follows last week’s ABS dwelling approvals which showed that the Territory had a large drop in residential building approvals.

ABS dwelling approvals for the 10 months to April 2024 were down 40%, or 202 fewer, compared to the same period in April 2023.

Leader of the Opposition, Lia Finocchiaro said, “With only 6 new loans for new home builds Labor has again proven it has wrecked the Territory’s economy and dashed the dream of aspiring homeowners.”

“Further, for the twelve months to April 2024, new loan commitments plunged by 59.3% to 110, compared to the year to April 2023.

“Master Builders NT says we are on track to have the worst year for home building for this financial year since records began. Hardly the sign of an economy doing well, which is what the Chief Minister and Treasurer think.

“These figures are astounding and prove Eva Lawler doesn’t have a plan to grow our economy or encourage new home builds. These figures reflect Territorians’ concern that the dream of home ownership is unachievable under Labor and to make it worse, Labor has no plan to turn this around.”

Shadow Minister for Business, Jobs and Training, Marie-Clare Boothby, said, “This data show why Our HomeGrown Territory Program is so important.”

“Our Plan will help Territorians stay in the Territory through its HomeGrown and FreshStart home grants and will give Territorians, even if they currently own a home or have owned a home before, the opportunity to build a new home.”

“Territorians have a choice this August between more of the same, or Our Plan which will change the game.”

The key aspects of the HomeGrown Territory Program include:

• HomeGrown Territory Grant: First home builders of new homes will receive a $50,000 grant with no cap on build price. This will boost construction activity and increase supply. First home buyers of existing homes will receive a $10,000 grant with no cap on purchase price.
• FreshStart New Home: Anyone looking for a Fresh Start in the Territory who builds a new home to live in will receive a $30,000 grant with no cap on build price. This includes people who have previously owned or currently own a home.

Only the CLP can rebuild our economy, reduce crime and restore our lifestyle.