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Thursday, 20 April 1972
Page: 1863

Mr STALEY (CHISHOLM, VICTORIA) - Has the Minister for Housing seen a statement that the home savings grants scheme has not been of use to young couples desiring to acquire or own their own home? Is this scheme receiving lessened support in the community and does the Minister know of any substitute proposed for this scheme?

Mr Kevin Cairns (LILLEY, QUEENSLAND) - There was a report that the home savings grants scheme had not been an acceptable scheme to young home seekers. This statement was contained in a speech reportedly made by the Chairman of the New South Wales Housing Commission. The Chairman happens to be incorrect for utilisation of that scheme has increased. Tn a few weeks time the 250,000th grant will be paid under that scheme. The rate of usage of the scheme has increased.

A substitute for the home savings grants scheme has been suggested. The substitute is the famous 2 per cent interest subsidy scheme proposed by the Leader of the Opposition and the honourable member for Reid. We know now that the substitute scheme has attached to it 4 severe and very great penalties. It is a penalty against those people who save, those people who try to pay off their homes early, those people who will not be forced into institutions which the Australian Labor Party would desire to force them into and those people on middle and low incomes. It has been suggested that the substitute scheme would be buried but I suggest that in the meantime it will not be allowed to be buried without a fanfare from this side of the House.

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