Division Description Changes — Bills — National Housing Finance and Investment Corporation Amendment Bill 2019; Third Reading — 14th Oct 2019

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senate vote 2019-10-14#3

Edited by mackay staff

on 2019-11-01 15:29:06

Title

  • Bills — National Housing Finance and Investment Corporation Amendment Bill 2019; Third Reading
  • National Housing Finance and Investment Corporation Amendment Bill 2019 - Third Reading - Pass the bill

Description

  • <p class="speaker">Jane Hume</p>
  • <p>I move:</p>
  • <p class="italic">That this bill be now read a third time.</p>
  • The majority voted in favour of passing the bill in the Senate. In parliamentary jargon, they voted to read the bill [for a third time](https://www.peo.gov.au/understand-our-parliament/how-parliament-works/bills-and-laws/making-a-law-in-the-australian-parliament/). Because the Senate agreed to an amendment to the bill, the bill will now be sent back to the House of Representatives so they can decide whether they agree with the change. If they do, the bill will become law.
  • ### What is the bill's main idea?
  • According to the [bill's homepage](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r6402), the bill was introduced to:
  • * *establish the First Home Loan Deposit Scheme which will enable the National Housing Finance and Investment Corporation (NHFIC) to provide a limited guarantee to allow first home buyers to purchase a home with a minimum deposit of 5 per cent of the property purchase price; and*
  • * *enable the NHFIC to undertake research into housing affordability in Australia, including housing supply and demand.*
  • This bill addresses the issue of [housing affordability](https://theyvoteforyou.org.au/policies/117), though there was some debate in the Senate about whether it would assist Australians struggling to buy there own homes or whether it would simply add to the problem by inducing more demand and adding to the re-inflation of Australia's property market. Read [the debate](https://www.openaustralia.org.au/senate/?id=2019-10-14.17.2) to draw your own conclusions.
  • <p class="speaker">Cory Bernardi</p>
  • <p>The question is that the bill be now read a third time.</p>