Mr PALLAS (Treasurer) — I rise to update the house about the early signs of success of our Homes for Victorians policy. Just last week newspapers reported that a first home buyer beat an investor and purchased a Victorian‑style townhouse in Bundoora for $557 000. The most recent Australian Bureau of Statistics statistics tell us there is a lift in first home buyer activity in Victoria. Our Homes for Victorians policies are working, and first home buyers, incentivised of course by our changes to stamp duty, are getting back into the market, and that is great news.

Today we see reports in the paper that up to half of certain foreign investors are leaving their apartments empty. That is why we needed a vacant residential property tax. Homes for Victorians is about helping renters, and that is why the Premier and the Minister for Consumer Affairs, Gaming and Liquor Regulation announced yesterday our action on long‑term leases. We want Victorians to be able to access secure, affordable housing. Fishermans Bend was the opportunity of a lifetime to provide new affordable housing to tens of thousands of Victorians. It was the largest urban renewal project in Australia, right next to the CBD. True to form, the Leader of the Opposition made a complete hash of it when he was in government. With the stroke of a pen he created multimillion‑dollar profits for his mates.

Mr Clark — On a point of order, Speaker, the Treasurer is now proceeding to debate the issue. I ask you to bring him back to making a ministers statement.

The SPEAKER — Order! the Treasurer was starting to stray from making a ministers statement. I ask him to come back to the statement.

Mr PALLAS — The government are obliged to make sure that our efforts in terms of finding appropriate locations, particularly in urban renewal locations, are managed responsibly in the interests of the community. Of course Kerry Packer once famously stated that you only meet one Alan Bond in a lifetime. In property circles they say they only meet one Matthew Guy, but they only needed one.