Ms JENNY AITCHISON (Maitland—Minister for Regional Transport and Roads) (20:31): The New South Wales Government went to the last election with a clear policy to end the forever tax on the family home. We said we would create a fairer, simpler stamp duty concession scheme to ensure that 84 per cent, or five out of six, of future first home buyers would pay no tax or reduced rates starting from 1 July 2023. That will have a big impact in my electorate of Maitland, where the average cost of a house can range anywhere up to $700,000. Labor's plan replaces the land tax that was introduced by the former Government and was comprehensively rejected by the people at the March election. It legislates our plan—the people's plan—which targets assisting those buying a home up to $1 million and increases support for those buying above the $650,000 threshold that was formerly in place. Under the Minns Labor Government's changes, the threshold for the stamp duty exemption for first home buyers has been lifted from $650,000 to $800,000 and there are stamp duty concessions from $800,000 to $1 million.

We want to help first home buyers on lower incomes who find it difficult to save enough while paying someone else rent. Back in the 1990s first home buyers took around six years to save a 20 per cent deposit and one year to save for stamp duty. It now takes 10 years to save a 20 per cent deposit and two years to save for stamp duty. Under Labor's plan first home buyers spending $700,000—like many people in my electorate of Maitland—will save an additional $10,363 in stamp duty. On a $750,000 home they will save $20,000 and on an $800,000 home they will save $31,000. In other words, the bill will wipe out stamp duty completely for first home buyers purchasing a home under $800,000, and the savings will continue on all homes under $1 million. That will be a boon to our regions, which is very important.

Recently I went around the State, including to the North Coast and Coffs Harbour, where the median house prices are $825,000. First house buyers there will save about $27,200. House buyers in Bathurst, Orange and the Central West will save around $23,000 on an average home of around $636,000. In Bellingen on the North Coast, the median house price is $762,000. First home buyers will save around $29,000—and it goes on. According to Revenue NSW data collected over the 2020-21 and 2021-22 financial years, more than half of the transactions for New South Wales properties under $1 million occurred in regional New South Wales. We know that because people are moving to the regions to purchase houses. However, more than 80 per cent of the take‑up of the former Government's land tax scheme occurred in the Sydney metropolitan area.

It is clear that the policy did not work for people in regional areas. No government with a serious commitment to regional New South Wales would have accepted such a poor outcome. We understand the serious housing affordability pressures in regional New South Wales. These changes mean that families in regional New South Wales can have access to a fairer and simpler program that will save them real money when they buy their first home, instead of signing up to a forever debt. Our plan ensures that Government support goes to those first home buyers who need it most. The legislation improves the integrity and targeting of first home buyer assistance programs by increasing the requirement to live in the home from six months to 12 months. The changes to the first home buyers assistance scheme will result in a fairer and simpler system, unlike the former Government's scheme whereby first home buyers purchasing properties at the top of the range received a disproportionate share of the benefits.

The Government's stamp duty changes will help more young people and families into their first homes. The former Government claimed to offer choice, but it was a false choice. It gave most of the benefits to people buying a home for more than $1 million. I do not begrudge people if they want to spend that much money, but they should not be subsidised by people who are paying far less because they cannot afford it. The Liberals' land tax scheme gave 50 per cent of the additional benefit to just 13 per cent of first home buyers. We will not be accepting an each‑way bet. We are providing more first home buyers with affordable housing. I put that on record because it is very important. As we come up to 1 July we want to make first home buyers aware of the changes. The new measures will help five out of six of all first home buyers. We will deliver on the key election commitment of the Minns Labor Government to abolish the annual land tax—the forever tax on our homes. More first home buyers will pay no tax under Labor's scheme instead of a land tax.