Tim PALLAS (Werribee – Treasurer, Minister for Industrial Relations, Minister for Economic Growth) (14:30): Victoria is leading the nation in the build-to-rent market. State incentives are helping to expand rental options for people at all stages of life. We know that, as long as rental supply is low, rental prices will remain high. That is why we are approving and delivering more homes for renters in established suburbs close to jobs, transport and services. Eligible build-to-rent developments are prioritised for fast-track approvals, while those completed and operational from 2022 to 2031 will receive a 50 per cent land tax concession for up to 30 years and a full exemption from absentee owner surcharge. For the edification of those opposite, that is two tax cuts. As of last year, Melbourne was home to more than half of all build-to-rent projects completed in Australia and 83 per cent of the total number of units built. At the time, the Australian Financial Review described Melbourne as the only Australian city that will have developed a build-to-rent market of scale by 2030.

Unlike the Leader of the Opposition, who opposes housing in his own electorate, or the member for Brighton, who shamefully campaigned to close a boarding house for rough sleepers in his electorate, we are a government that actually want to deliver stable and affordable housing for Victorians. We acknowledge that this is a housing crisis in this country – that young people, or at least young people without a trust fund, are not getting the same opportunity to own their own property or get into secure affordable rentals the way the older generation did. Housing may just be the defining issue of our times, and this government is not going to shirk from the hard decisions. Instead we are going to keep delivering the housing outcomes that Victorians need and deserve, and build to rent, like our big build, is a vital part of that.