STEVE GEORGANAS, MEMBER FOR ADELAIDE: Thank you for coming out this morning to this beautiful suburb where we’re seeing some great projects. Today we’re going to hear, of course, from the Prime Minister who’s come to the seat of Federal Adelaide. We've got the Premier Peter Malinauskas, who's quite happy after last night's win. We've got Clare O'Neil, Minister for Housing, Penny Wong, Foreign Affairs Minister, Nick Champion, State Minister, and of course, Louise Miller-Frost from the seat of Boothby. It's a pleasure to be here with the PM to look at these wonderful projects, some social housing that actually will be turning people's lives around in my electorate. They're so important and that's why the Prime Minister will talk to us more about that. But they are important projects that actually turn people's lives around. When you think of the people, the social housing and the people that will be living there, it will change their lives and it's so important. That's why we're so focused on, number one, making housing affordable and number two, ensuring that affordability for rent is there for people to access. On that note, I'll hand over to the Prime Minister who will tell us more.
 
ANTHONY ALBANESE, PRIME MINISTER: Well, thanks very much, Steve, and it's great to be back here in South Australia with my friend Peter Malinauskas as well, and I congratulate him. Just to get it out of the way, Port Adelaide, an amazing first half, 70 points up into the second quarter. It was getting ugly, but the Hawks did come back and make it a little bit more respectable is the best that you can say about the result but well done, as well, on hosting Gather Round here in this great city of Adelaide and South Australia.
 
Well, under Labor, there will be more homes and smaller deposits. Under Peter Dutton, there will be fewer homes and higher prices. That's the difference between the two policies that were announced yesterday. Two policies, only one of which addresses supply. You need to address supply of housing if you're going to deal with prices and if you are going to deal with the fallout that's been there from years of neglect, including the more than half the time in which the former government didn't even bother to have a Housing Minister.
 
I want young people and first home buyers to achieve their dream of home ownership. And an example of what we will be rolling out nationally is right here in Prospect. The Prospect Corner housing development is seeing more than 100 townhouses being built right next to where we are. As we can see, the train station is just there. This is an ideal location. Of these homes, more than 40 are being specifically set aside for first home buyers. Exactly what we want to do with our new 100,000 homes for first home buyers policy. Now, a number of these townhouses are also being set aside for first home buyers to purchase through the State Government's shared equity scheme. We know that it took a long while to get through the Senate, but last December they passed our shared equity scheme, our Help to Buy scheme. And what that's about, as well, is assisting people with up to a 40% equity from the Commonwealth Government in homes that are newly built. Exactly what we have here. We want to work with state and territory governments across the board as we have in so many other areas, whether it's on health and hospital funding, whether it's our Better and Fairer Schools funding policy that we now have every state and territory signed up to.
 
Yesterday we announced a major expansion of our policy to help first home buyers buy a home as well. Making sure that you just need a 5% deposit and that the government will cover off on the other 15% by being guarantor. Making sure that more people can get into their first home. Making sure that they don't need that lender's mortgage insurance and making sure they don't have to wait until they have that 20% deposit. These two policies will make a significant difference to increasing supply, but also importantly to getting first home buyers, and particularly young Australians, into their first home. We're going to work with state and industry partners to identify projects like this one here, this was an old industrial area. By working with state and territory governments, what you can do is to identify areas where this sort of project can proceed and make sure that that investment occurs.
 
In addition to that, yesterday we had confirmation of two things, that only Labor stands for lower income taxes. The Coalition will increase income taxes for Australians. It's a big distinction at this election. Our $1,000 instant tax deduction will make a difference for almost six million Australians who don't get the deductions that they're entitled to because they don't have accountants. This will simplify the tax system as well. Tax reform, making sure that all you have to do is tick a box and you can have that thousand dollar tax deduction. In effect, this will make a difference of the first rate of income tax, as well as lowering it, essentially, pushing out that income tax free threshold for low and middle income earners, and so making a positive difference.
 
It's fantastic to be back here in South Australia and I have no greater partner around the country than Peter Malinauskas. Under Peter's leadership, this State is forging ahead. We saw that with the events that have occurred over the Gather Round. But the other events that he's brought here to South Australia, as well. He's also someone who we're working with, of course, to make sure that the Whyalla Steelworks continue. This is a great example of that cooperation between the Commonwealth and state and territory governments. And I now hand to the Premier of South Australia.
 
PETER MALINAUSKAS, PREMIER OF SOUTH AUSTRALIA: Well, thank you so much, Prime Minister. It is good to be joining you this morning. In anticipation of this morning's event, I was particularly nervous at the footy last night, but it turns out it's worked out okay. We're really proud of the fact that in South Australia at the moment, the state's economy is in many respects outperforming the rest of the nation. But more important than that is the prospects of growth into the future on a range of projects. We see pillars of growth in South Australia for the foreseeable future. But one of the big things that could impede that growth is a lack of housing supply. We need more homes in South Australia and we need them as quickly as we can possibly build them. It's exactly why every single lever that the state government has at its disposal to increase and accelerate housing supply, we're pulling them. But what we need is to make sure that there is a Federal Government that understands that if you don't have a policy for supply, then you are not serious about housing growth in this country. Without supply, you're simply not serious about the housing crisis. So, yesterday, when we saw both the Coalition and Federal Labor announce their policies, it was clear to anybody who has any understanding of housing policy in this nation that only one party has a policy to address both demand and supply. It speaks to a party that is actually serious about using the responsibility of government to make a real difference where it matters most. So, to that end, I'm very grateful for the announcement that was made yesterday by the Prime Minister. It will allow developments exactly like the one that you see here to be brought online more quickly in the places where it matters most, and not just for everybody, but particularly for those people that most are acutely impacted as a result of a lack of housing supply in this country. So, I commend the Prime Minister's policy yesterday and we look forward to getting on with the task.
 
CLARE O’NEIL, MINISTER FOR HOUSING AND HOMELESSNESS: Well, thanks so much and it's wonderful to be here in South Australia with the Premier Peter Malinauskas, but also my friend Nick Champion. Nick and I share a big responsibility within both of our governments and it's one that we work and partner on really closely. We've got a housing crisis in our country that's been a generation in the making. And even before yesterday's announcement, we are, without question, the boldest and most ambitious Australian Government on housing that we have had in this country since the Second World War. We are building more homes, we're getting renters a better deal, and we are getting more Australians into home ownership. Yesterday, the PM made two game-changing announcements that are all about backing young people around our country to get that opportunity to own their own home. For the first time in Australian history, the Commonwealth is going to partner with our state governments, with our friends here in South Australia, to build 100,000 homes that will be exclusively reserved for first home buyers. This is all about giving young people that clean shot at getting into a home of their own without the competition from property investors and from other generations. But we also recognise that young people cannot wait for us to build our way out of the housing crisis. They need immediate, meaningful support and that's what we're going to provide. Yesterday, the PM announced that for the first time, every single young person across the country will be eligible to get into a home of their own with just a 5% deposit. This is about giving those young people the chance to be paying off their own mortgage rather than paying off someone else's.
 
Now, let me say a couple of things about the announcement that Peter Dutton made yesterday, the contrasting announcement. Peter Dutton's approach will not build a single new home around our country, nor will it help a single renter get into the housing market. All that Peter Dutton is saying to renters across Australia is that we not only want you to be paying off your landlord's mortgage, we want you to be subsidising the mortgages of homeowners across Australia. Now, our Government is trying to make a generational difference to help young people around the country get better housing opportunities. Peter Dutton wants to leave those young people high and dry. I just want to say one more thing. A lot of the focus of the media attention on the Coalition's policies has looked at the announcements they made yesterday. But I don't want you to forget about the Coalition's dud soup of a housing policy, because if there is anything inflationary in the discussion at the moment, it is that awful thing that Peter Dutton wants to do. And I just want to explain why. The research on super for housing tells us that in addition to what Dutton announced yesterday, he's going to put in place a policy that will make an instant increase to house prices around the country, on average of $92,000 in our capital cities. And it won't just do that, it is going to make the intergenerational inequity problems that we are concerned about so much worse. What Peter Dutton wants to facilitate is for young people around the country to ransack their retirements, bid it up against each other in auction, and effectively gift that money to the older generation who own most of the property. If I was trying to cook up a way to make the housing crisis worse, this is about where I would start. At the end of the day, we know we need in this country more supply, and that is why Labor's plan is about support for first home buyers. Yes, that's incredibly important. But the most important thing that we need to do is we need to build more homes more quickly. And that's exactly what we'll do here with the South Australian Government.
 
JOURNALIST: PM, second time in Adelaide this campaign. Do you foresee being in Whyalla before voters head to the polls?
 
PRIME MINISTER: Yeah, I reckon I'll be in Whyalla, not just before the polls, but after the polls as well. Because we have so much work to do, so important to support jobs, so important to support as well, our national resilience and the steel industry is vital for that.
 
JOURNALIST: Prime Minister, given all this money for housing, but also for tax cuts as well, have you given up on getting the Budget back into surplus?
 
PRIME MINISTER: No, what we're doing is responsible economic management. If you compare what we are doing, our tax cuts are a top up of the tax cuts that we put when we changed the tax cuts that we inherited. So they will deliver combined around about $2,500 dollars for average Australians. But the benefit of the instant tax deduction that we, the work that we've done, of course, is that it is reform. What it will do is deliver, particularly to low income earners, to people returning to work, to part time workers. We think it will have a positive impact on workforce participation and that is one of the measures, when we changed our tax cuts, that was part of the Treasury analysis of why it wouldn't be inflationary, because it would boost workforce participation, it would boost productivity as well. So, for young people, for women returning to work, particularly after having a child, it will make a positive difference as well. And so we believe that this is a positive difference. Unlike this cash splash that will disappear under the Coalition's policy, which is a one off and then does just disappear.
 
JOURNALIST: Prime Minister, you've already set a target to build 1.2 million homes. People don't think you're going to meet that target for a range of reasons. Skills shortage, an extra 100,000 homes. How can voters have confidence that you will actually get it done?
 
PRIME MINISTER: Because they can see behind them, this is what it looks like, this isn't theoretical. This is happening right now, behind us.
 
JOURNALIST: Respected economist Chris Richardson has described your tax and housing policy and Peter Dutton's as a dumpster fire of dumb that may fuel inflation and won't grow our revenue pie as a nation. What's your response to his comments?
 
PRIME MINISTER: I'm happy to bring Chris Richardson here, have a look at the construction, have a look at the jobs that are being created here, have a look at the economic activity that's right here, and then I'm happy to bring him back and meet the people who are living here in a home as well.
 
JOURNALIST: In addition to Chris Richardson, Saul Eslake has made comments specifically about your plan to let everyone, all first home buyers, buy a home with a deposit of just five per cent. He says you and the Coalition have formed a bipartisan consensus to push up house prices. How would letting first home buyers get into the property market with a five per cent deposit not increase demand and therefore increase house costs?
 
PRIME MINISTER: What we are doing is also addressing supply. That's a critical difference between our policies. The other thing that we're doing, and I was surprised that Clare missed this one, the Housing Australia Future Fund, they're going to get rid of it. That's about increase, there are currently 28,000 homes, social housing, either under construction or in planning, awaiting approvals. And that's about increasing supply as well. So, across a range of areas, if you increase supply at the same time as you are doing something about demand, that's the key. And that's why every state Premier and Chief Minister signed off on the incentive that's there for 1.2 million homes to be built.
 
JOURNALIST: On that, you're increasing supply. I mean, the policy yesterday is to add 100,000 houses, but at the same time, over that same eight years of those houses being built, you're going to help 640,000 first home buyers. There's a lot more home buyers than houses.
 
PRIME MINISTER: Well, we are. I'll give Clare –
 
O’NEIL: So, we don't just have a commitment to build 100,000 homes for first home buyers. Our Government has been assiduously working on building more homes for three years now and it's working. Let me just share some numbers with you. We've got a commitment to build 1.2 million homes with the states over the coming five years. We are making real progress on that. We've built half a million homes across this country since we came to government and that's been assisted by the policies that we've put in place. Fee free TAFE has trained half a million people around our country, 40,000 of them in construction professions. And don't forget that that's one of the myriad things that Peter Dutton wants to slash and burn if he's elected. The PM has led the states to undertake very significant planning reform. And don't forget, we have a generational investment underway in the Government actually rolling up its sleeves and building more homes. So, we're adding 100,000 homes to what is already an absolutely massive home building program that we have across the states and territories. Let me just add one more thing. I just really want you to look at what's going on in construction today. If you just look at the approval numbers that came out just a couple of days ago, approvals have gone up 25 per cent over the previous year. Now, the Coalition's approach to this is, ‘oh, we can't do anything about this. It's the private sector, nothing to do with us.’ Well we take a fundamentally different view. Our Government is stepping in. We are going to support first home buyers and we are going to, by hook or by crook, build more homes around this country. And I know it's possible because it's already happening.
 
JOURNALIST: We've spoken with homeless women about some of the stuff that your Government's doing around housing and they said that this is all well and good, these five per cent programs, but they can't even put together five per cent to put down deposit. And what they really need is emergency housing specifically for them fleeing domestic violence and they need to be able to live with their teenage sons. What is your Government going to do about this? If you're re-elected, how are you going to increase that?
 
PRIME MINISTER: Well, the Housing Australia Future Fund had a portion of that housing was about emergency accommodation for women and children escaping domestic violence. That was something that we pointed out when the Greens and the Liberals and the Nationals in the Senate held it up for month after month after month after month, they held up that funding. That is just one element, in addition to the work that Clare and Amanda Rishworth, another great South Australian Cabinet Minister who's not here, has done in getting agreement with increased funding for emergency funding for women and children escaping domestic violence as well. We know that there is more needed to be done. That's why we've attempted to put in place programs earlier to make sure that we address those issues on top of the additional community workers that were put in place as well.
 
JOURNALIST: Prime Minister, there'd be a lot of people this morning who don't qualify for this. They're not first home buyers, but they're looking at buying another home and saying what does this mean for us, the majority of people in the housing market, what does this mean?
 
PRIME MINISTER: What it means is if you increase supply, you assist everyone because you have an impact on affordability. And so across the board, whether it's the Housing Australia Future Fund, the housing, Social Housing Accelerator that we put in, the immediate funds that we were able to do, which what they did, there are now people who are living in homes that were left derelict, that basically weren't being fixed up. I remember under the former government here in South Australia going to homes that were unliveable here, they're now being fixed up because there's a specific fund there for them. So, we’re about Housing Australia Future Fund looking after social housing, emergency housing. Help to Buy, helping people into home ownership through shared equity. Our Housing Australia funds as well. Our infrastructure fund. Peter Dutton speaks about housing infrastructure to help electricity, water supply, those measures. We've announced two rounds of our program, it's being rolled out right now, that what that's doing is increasing private developers to be able to have that increase in housing supply. So, across the board we know that supply is the key. Only Labor is looking at supply as well as demand.
 
JOURNALIST: The median house price in Sydney is an eye watering $1.4 million. In Brisbane and Adelaide, where you used to be able to move for a cheaper house, it's close to a million dollars. Do you want that median house price to drop? You say your policy is about supply. Do you want that median house price to drop?
 
PRIME MINISTER: Look, historically in Australia, you've been around a while, Andrew, prices tend to rise. What we want to do is to make sure that people have accessibility for home ownership. What we want to do is to take away the disincentive which is there where people just can't get deposit. Now when I bought my first home, you didn't need a 20 per cent deposit. What's happened is a range of changes, particularly arising out of the GFC that occurred to have that 20 per cent deposit and what we're doing in allowing for a five per cent deposit with the Government going guarantee is making sure that people don't have to wait. So, it means they get into that home ownership earlier –
 
JOURNALIST: A million dollar house –
 
PRIME MINISTER: Look, housing is an issue that has been growing as an issue for a long period of time. But I tell you what didn't help, the fact that the former government spent $5 billion over the entire time that they were in office. They didn't bother to have a Housing Minister. They saw housing as something that was other jurisdictions’ responsibility. We are accepting our responsibility as a national government to show national leadership, working with state and territory governments, also working with the private sector. One of the other schemes that we have, of course, this is essentially a, and we thought about when we were going through the policy process, calling this build to buy rather than Build to Rent. Our Build to Rent scheme will help private developers by providing a tax incentive. We've worked through this issue with the Property Council of Australia. The Master Builders have all welcomed it to make a positive difference for private rentals to be built as well. And we're seeing that. In my own electorate, I see it in a range of major sites building medium density housing, where it's appropriate, near transport links. And indeed, I've opened a couple of those events in recent times. Those new dwellings with people living in there and with the support of my local council that actually supports increased density, unlike councils that are dominated by the Greens, that talk about housing but never want anyone to build one.  
 
JOURNALIST: Prime Minister, sorry to change tact a bit. Tanya Plibersek this morning said the pair of you were buddies. She said she didn't lean in for a kiss because she was worried about a cold. But separate to that, given you've stepped in a few times to supersede her on issues in her portfolio, like Tassie salmon farming, will you commit to keeping Ms Plibersek in the environment portfolio for the next three years?  
 
PRIME MINISTER: You know what I'll commit to? Trying to win this election. I don't assume you might, I do not assume. Tanya Plibersek has been a friend of mine for a long period of time. We live in neighbouring seats. We're good mates. And she's doing a fantastic job. She's doing a fantastic job.  
 
JOURNALIST: Prime Minister, under Labor's $10 billion plan to build 100,000 homes, there's $2 billion worth of grants to be matched collectively by states and territories. How will it be divvied up, for example, by population share. Are there any assurances that every jurisdiction is capable of forking out that cash? And Minister O'Neil suggested the homes will be means tested. What will be the income threshold?  
 
PRIME MINISTER: Well, I'll answer the first, because they'll be part of Commonwealth- State arrangements. Look, what I would like to see is every State and Territory participate. But what we also want is a bit of competition between the States and Territories as well. So, if states step up and say, ‘we got this project ready to go and South Australia has already got 10% and they end up with 20’, I'll say, ‘you ripper’. Let's just get it. Let's just get it done.”  
 
JOURNALIST: Your government has talked in the past about bidding for a COP Climate conference. Peter Dutton said it would cost, I think, hundreds of billions of dollars. Could you give us any update on the bid, where it will be held, your thinking on that current issue?  
 
PRIME MINISTER: Thanks very much Josh. Yeah, Peter Dutton. One of the issues that's happening in this campaign, I think, is that Peter Dutton spent three years just saying anything, and then he just moves on. I mean, it's a ridiculous statement. The fact is that holding a COP, a climate change conference internationally, produces revenue as well. It's an economic boost for wherever it's held. We do have the bid in. It will be determined at the climate change conference later this year, if we are re-elected. If Peter Dutton is elected, you can see him copying policies from other jurisdictions and pulling out of Paris. We know a whole lot of their mob are still in climate denial. They've been equivocal about it, but we will put forward our bid to host a climate change conference and I can't think of anywhere better than Adelaide to host that event. One of the things that's happened under Premier Malinauskas is Gather Round, is just one example. But WOMADelaide, the cycling, the range of activities that occur here, and festivals – he is putting Adelaide on the map as a global city. A global city. And one of the things that a climate change conference would do is showcase this beautiful city of Adelaide to the entire world. And when you look at the work that the Premier is doing in renewables leading Australia, as South Australia has for a long period of time, then I can't think of anywhere better than South Australia. A bit like the election, we're not getting ahead of ourselves. We haven't won the bid, but if the bid is successful, then my choice will be having it right here in Adelaide. And I might ask the Premier to make some comments.  
 
MALINAUSKAS: Well, Prime Minister, I am very grateful for that news indeed. Look, South Australia put our hand up to be a participant in the process that the Commonwealth initiated around potentially hosting COP. I think the nation hosting COP is an important opportunity for our country. Here in South Australia, we are exceptionally proud of the fact that basically 80% of all of the energy consumed in our state comes exclusively from renewables. And we are on track to be at 100% by the end of 2027 in terms of net renewable energy, which means that this place is better positioned to be able to host COP than anywhere else in the country. And over the course of the weekend, we saw tens of thousands of people come to South Australia and enjoy the hospitality that we have to offer. We have demonstrated that we are capable of hosting not just events, but massive events. And there is no bigger event on the planet outside of the Olympics than COP. So, for us to be able to have the opportunity to host it here in South Australia is something that we are very excited about indeed. It is a major economic opportunity for our state. It gives us a chance to showcase, not just to the rest of the country, but to the rest of the world, that thoughtful transition around energy is actually an economic opportunity more than anything else. So, we are very, very grateful for this news, indeed. I think South Australians will be exceptionally excited about the prospect of hosting yet another major event in our calendar in the not too distant future. Subject to, of course, the outcome of the federal election, where yet again now we see another point of difference, another representation of the importance of the choice that the people of South Australia have when they cast their ballot in a few weeks’ time.
 
PRIME MINISTER: Thanks very much. Can I make one, one more point about that? Which is, our bid is in partnership with the Pacific. It's a joint bid. It's one of the ways that we've repaired the relationship with the Pacific. Australia was in the naughty corner with a couple of other countries, only a couple, when it came to climate action and our response. And that is why it is so important.  
 
You know every Pacific leader, remembers what my opponent said about water lapping at their doors, and that is our credibility in the region is really important. And that's why this joint bid overwhelmingly has the support of the Pacific. 
 
JOURNALIST: Prime Minister. We're nearing the halfway mark of this campaign. You're ahead again in the polls and Newspoll today. We're in a golfing state. We've seen Rory McIlroy struggle to hold a lead at the Masters this morning. How do you approach the second half of this campaign to make sure you don't blow that lead?  
 
ALBANESE: That we have a mountain to climb. I've been in 10 election campaigns. We've won three. Three out of 10. And one of those we won in minority. It is hard. No Prime Minister has been re-elected since John Howard – having served a term, since John Howard in 2004, it's more than two decades. We've had a revolving door. Seven elections, seven different Prime Ministers. I am certainly not getting ahead of myself. It is hard to win an election if you look around the world. It has been a difficult time to be in Government because of global inflation. But we'll work each and every day and we'll put continue to put forward positive, constructive policies that will make a difference and will ensure that people are better off. So, this election is a real choice. It's a choice between Labor, building Australia's future, strengthening Medicare, having cost of living relief immediately, but also that long term plans of responsible economic management, and Peter Dutton, who has a plan for $600 billion nuclear industry that no one in the private sector will touch with a barge pole, that taxpayers have to pay for. And there will be cuts to health and there'll be cuts to education, just like there were last time. Peter Dutton cuts, you pay.  
 
JOURNALIST: What specific savings have you identified to offset the $2.4 billion cost of the $1,000 tax deduction?  
 
PRIME MINISTER: All our costs will be out there fully. We put our budget down just a couple of weeks ago. We, unlike the former government, have had savings, $95 billion of them. We've improved the Budget bottom line by $207 billion.  
 
JOURNALIST: Prime Minister, we're at a Housing Australia Future Fund site. At this point, how many new houses, not refurbished houses, have been built under the Fund?  
 
PRIME MINISTER: Well, the Housing Australia Future Fund has, as I said before, 28,000 is the figure that are either under construction – this is not a HAFF site, by the way. 28,000 are under construction or in planning, so awaiting approvals. 
 
JOURNALIST: Donald Trump’s tariff backflip last week may seriously undermine market confidence in the United States. Is there a risk that unpredictability and bullying from the White House could permanently damage the US dollar? And does that undermine America's strategic position more broadly, as well as Australia's strategy of maintaining the status quo in the Indo Pacific?  
 
PRIME MINISTER: Well, we live in an era of strategic competition. I might ask my Foreign Minister to make some comments as well, but we live in an era of strategic competition. The United States elected President Trump on a platform – we respect democratic processes. What we'll continue to do is engage constructively, not just with the United States, but importantly as well, engage in our region. One of the things we've done under this Foreign Minister, under our Trade Minister, Don Farrell, two great South Australians – South Australia does punch above its weight in our show, that's the truth. And we have improved relations, not just the obvious, of restoring trade with our major trading partner in China – we've even got the pandas back here in Adelaide. We have exported now in excess of $20 billion. I sat down with the wine industry here in South Australia because they'd had a number of good years. They were pretty keen on getting wine back into China. Now it's going back in premium wines, going back in at higher levels than they were beforehand. That's important. But we've also restored our relationship with ASEAN. Our relationship with the Pacific is really important. The COP bid is a part of that process as well. Our relationship with Indonesia has never been stronger. And of course, our relationship with India. India grew to be our fourth major export destination just in recent times. They're our fifth largest trading partner. We can build on that relationship even more.  
 
JOURNALIST: Thank you, Prime Minister. One of those elections that you spoke about that Labor won was in 2007, when the Labor leader went to the election promising far less spending than the Coalition at the time. In fact, less spending than one single policy you announced yesterday. Isn't it time, too, this year that this record spending has to stop?  
 
PRIME MINISTER: What we're doing is putting out responsible policies. And that's why, if you look at our $10 billion program that we announced yesterday, $2 billion of that is for grants matched, $8 billion is for loans and equity, that will produce income back and then be able to be reinvested. That's the difference here between that and a one-off, a one-off cash payment for one year, that then just disappears, and then higher income taxes. That is what the alternative policy is. And a housing policy that doesn't do anything about supply. What we've done is very carefully calibrate the cost of living measures that were put in place in a way that have continued to put downward pressure on inflation. Inflation had a six in front of it. It's now at 2.4. Interest rates started to climb before the last election. Now they've started to fall. That's because of our responsible economic management that we will continue to pursue. 
 
JOURNALIST: PM, there's steel going into those buildings. There's concrete, there's workers. You're saying this is all about supply, but that supply means demand for so much. With so many homes going into the market, do you think there's an inflationary threat from trying to build so many homes all at once?
 
PRIME MINISTER: No, I don't. Because we do need to house people. And if you don't have enough homes built, you're having an inflationary impact because of demand supply. The old economics 1A lesson. And so, we think, very clearly, that our measures, across the board, we stand for increased home ownership, we stand for increased private rentals, we stand for increased social housing, we stand for increased emergency housing. That's what Labor stands for. We have a comprehensive plan. And I've got to say this Minister here, who's a gun Minister, who's developed this policy, come through the processes of all of these plans, went through our processes in the lead up to MYEFO began. We've gone through the range of options that we had, to make sure that we got It right. And we pair all of that as well, importantly, with the labour supply issues as well. So labour supply, we have, of course, Fee-Free TAFE. Clare's spoken about the number of people, it's now 600,000 people have had Free TAFE courses. Many of those, almost 10% are in construction. In addition to that, what we did earlier this year was extend, and I announced this at the National Press Club, you know, that's the place I go and the other bloke doesn't. At the National Press Club, we announced the $10,000 of incentives for apprentices in construction, paid in four lots of $2,500 to make sure they complete their apprenticeship.
 
I tell you what gives me a great deal of confidence. I was at the, I think it was a Monash TAFE in the eastern suburbs of Melbourne and we were there looking at a prefab where they were working through the construction apprentices doing carpentry and joinery. And I've been to a similar place here in Adelaide, I've got to say, as well, and seen that as well. And here in Adelaide, they also have a fantastic program of linking in with schools, as well. So, getting that qualification started while students are still at school. And I attended with the Premier's Minister at an announcement there. But there I met a bloke, the cameras were there, you can look up your footage, you'll all have it, of a bloke who said. I said, ‘what made you want to do carpentry?’ And this young man said, ‘well, I've almost finished my degree, but I decided I wanted to work with my hands.’ And I said, ‘oh, what degree are you doing?’ He said, ‘law, I’ll finish this year.’ And I go, ‘so you've spent four years doing a law degree?’ He goes, ‘yeah, but I really want to make stuff and this is what I want to do. And I figure my legal career will help me to navigate setting up a small business.’ And good on him. And I'll tell you what, my message to young people out there watching who are at school or watching this on delay is, tell you what, go into construction, do an apprenticeship, you'll have a great career, you'll have a great life. And I don't meet anyone who's gone down that road where we've matched up now, everyone in construction, we previously done it in energy because of all the jobs that are there in new energy with the shift to the clean energy economy that's occurring. Everyone who does that, I've never met anyone who regretted it. Thanks very much.

ENDS