Hansard debates

Mr McGUIRE (Broadmeadows) (10:00:19): It is time to reimagine the Australian dream. Home ownership is increasingly beyond the aspiration of a generation, so I am continuing my advocacy for a once-in-a-lifetime opportunity to deliver affordable housing, revitalise communities and lead the nation with a groundbreaking response to a generational dilemma. My proposal is to unlock the value of the outdated housing commission stock in the electorate of Broadmeadows and instead offer a mix of new public-private-social housing. We have proof of this concept locally, with the once derelict Mews estate being transformed into the now vibrant Valley Park redevelopment. Financially the timing could hardly be more favourable; there is enormous government debt trading at negative yields, and interest rates are at record lows. This is an outstanding opportunity for investment, particularly for superannuation funds. Public housing generates a return via rent and capital gain. This proposal also enables a shift in the population mix and helps dissipate the enclave effect caused by the historic clustering of public housing. Such an initiative would be emblematic of Labor in power. It would deliver aspiration in a blue-collar community struggling through deindustrialisation. Broadmeadows was hardest hit by the close of the Ford Motor Company’s iconic assembly lines but is fighting back, having attracted a $500 million investment to provide new industries and jobs of the future driven by technology at the Ford sites. Unlocking the value of the land would help address population growth and drive economic activity.