Category Archives: Media Releases

LABOR’S EXPANDED FIVE PER CENT DEPOSIT GAMBLE PUTS THOUSANDS OF YOUNG WA FAMILIES AT RISK OF NEGATIVE EQUITY

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA   24 July 2026 MEDIA RELEASE   LABOR’S EXPANDED FIVE PER CENT DEPOSIT GAMBLE PUTS THOUSANDS OF YOUNG WA FAMILIES AT RISK OF NEGATIVE EQUITY   The Albanese Government has recklessly encouraged thousands of young Western Australians to take on record levels of debt with almost no equity leaving many first-home buyers in Perth’s outer suburbs dangerously exposed to negative equity as the housing market weakens. The artificial demand created by Labor’s expanded five per cent deposit scheme – known as the ‘5% Deposit Scheme’ – has fuelled a surge in first home buyer activity, with ABS lending data showing lending to first-home buyers reached a record high $2.22 billion in the March 2026 quarter. Labor’s 5% Deposit Scheme allows eligible first-home buyers to purchase a home with as little as a five per cent deposit, and eligible single parents and legal guardians with as little as a two per cent deposit, without paying Lenders Mortgage Insurance. New Housing Australia data for 2024/2025 provides a unique insight into where Western Australians are most exposed to the risk of negative equity. In the Greater Perth region, the top ten postcodes with the highest concentration of people accessing scheme guarantees were 6112, 6171, 6056, 6210, 6167, 6061, 6430, 6034, 6107 and 6164. The highest concentration of scheme participants was in Perth’s fast-growing outer suburbs, including Armadale, Baldivis, Kwinana, Ellenbrook, Success, Gosnells – communities where many young families stretched to buy at the peak of the housing market. During 2024/2025, 3,010 home buyers accessed the First Home Guarantee Scheme across the Greater Perth region and a further 161 across regional Western Australia. The median purchase price was $551,000 in Perth, with a median deposit of just $30,000, compared with a median purchase price of $385,000 and a median deposit of $21,000 in regional Western Australia. Those buyers are increasingly exposed as Perth’s housing market cools after reaching record highs, with the latest data revealing a slowdown in Perth property values. Having reached record highs in recent years, the Perth property market is showing clear signs of cooling with the latest Real Estate Institute of Western Australia (REIWA) reporting the number of homes for sale is now 10.3 per cent higher than four weeks ago and 90.4% per cent higher than a year ago. Auction clearance rates have fallen to around 23 per cent while REIWA says the housing market has entered a “wait and see” phase as uncertainty surrounding Labor’s changes to negative gearing and capital gains tax weigh son buying confidence. Cotality has said the property market is now “losing steam” while Morgan Stanley has forecast a five to ten per cent correction in house prices – one of the largest in four decades. Negative equity risks are particularly acute in Western Australia where many first-home buyers entered the housing market after one of the strongest periods of house price growth in Western Australia’s history. In Armadale—one of the suburbs with the highest concentration of First Home Guarantee Scheme loans —median house prices have risen by around 161 per cent over the past five years, compared with approximately 80 per cent across metropolitan Perth. The average owner-occupier home loan in Western Australia exceeded $700,000 for the first time in the March 2026 quarter increasing from $457,000 to $703,000 in just four years. First home buyer lending in Western Australia hit a record $2.23 billion in the March quarter 2026 compared to $1.79 billion in March quarter 2022 – a 24.5 per cent increase. The average new mortgage nationally has reached a record $735,000, while households paid $33.6 billion in mortgage interest during the first quarter of 2026. Australians now spend 5.4 per cent of household income on mortgage interest alone – more than the late 1980s when home loan rates peaked at 18 per cent. Labor has created the worst of both worlds – driving demand through its expanded five per-cent deposit scheme while undermining confidence with changes to negative gearing and capital gains tax. Since the establishment of the First Home Guarantee Scheme in 2020, taxpayers have underwritten 99,732 loans nationally with 13,722 or 13.8 per cent of these in Western Australia. Comments attributable to Liberal Senator Dean Smith: “Labor has exposed negative equity risks for first-home buyers in Perth’s outer suburbs by encouraging thousands of young Western Australians to take on record debt with almost no equity.” “First-home buyers in suburbs such as Armadale, Baldivis, Madora Bay, Ellenbrook and Kwinana purchased homes as Perth’s property market experienced extraordinary price growth and are now among those areas most exposed to falling home prices.” “Labor’s negative gearing and capital gains tax changes have destroyed confidence in the housing market and have exposed young families to financial hardship during a cost-of-living crisis.” “The average Western Australian home loan has exceeded $700,000 for the first time, leaving many first-home buyers carrying record debt with little financial buffer.” For a young family who bought with a five per cent deposit, even a modest fall in house prices can wipe out their equity and leave them trapped if unemployment, illness, separation or relocation forces them to sell.” “A responsible housing policy would increase supply, reduce construction costs and restore confidence, not inflate demand, punish investment and leave young Western Australian families carrying all the risk.” ENDS       TABLE 1: Regions with the highest Scheme guarantees issued in 2024–25 Region Guarantees issued Perth South-east 797 Ipswich 1,000 Logan-Beaudesert 1,098 Australian Capital Territory 1018 Sydney Parramatta 850 Melbourne-North-West 1,169 Melbourne-North-East 1,410 Melbourne-South East 2,220 Melbourne-Inner 1,123 Melbourne-West 3,200 Source: Home Guarantee Scheme: Trends and Insights 2024-25 | Housing Australia   TABLE 2: Scheme guarantees issued, top ten postcodes in Western Australia, 2024-25 Post Code Suburbs Number of Guarantees Issued 6112 Armadale, Bedfordale, Brookdale, Doobarda, Forrestdale, Harrisdale, Haynes, Hilbert, Mount Nasura, Mount Richon, Piara Waters, Seville Grove, Wungong 193 6171 Baldivis 158 6056…

RECORD NUMBER OF WESTERN AUSTRALIANS SEEKING EXTRA WORK AS COST-OF LIVING PRESSURES GROW

The latest Australian Bureau of Statistics Labour Force data shows 76,400 Western Australians were looking for more hours of work in May 2026 – the highest number since November 2020 and an increase of 12,500 people since January this year.

RECORD NUMBER OF WESTERN AUSTRALIANS SEEKING EXTRA WORK AS COST-OF-LIVING PRESSURES GROW

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 10 July 2026 MEDIA RELEASE   RECORD NUMBER OF WESTERN AUSTRALIANS SEEKING EXTRA WORK AS COST-OF-LIVING PRESSURES GROW The latest Australian Bureau of Statistics Labour Force data shows 76,400 Western Australians were looking for more hours of work in May 2026 – the highest number since November 2020 and an increase of 12,500 people since January this year. Western Australia’s unemployment rate has also risen to 4.6 per cent – above South Australia, New South Wales and Queensland – making it harder for workers seeking extra hours to find them. The figures reveal more Western Australians are seeking additional work to keep up with rising household costs after three interest rate rises this year, adding to growing evidence that Labor’s cost-of-living crisis is placing increasing pressure on family budgets. Western Australia’s seasonally adjusted underemployment rate has increased from 3.8 per cent in January 2025 to 4.7 per cent in May 2026—a increase of almost 24 per cent in just sixteen months. While Western Australia’s economy may appear strong on the surface, the latest ABS figures show more households are struggling underneath, with an increasing number of workers unable to secure enough hours to keep pace with rising mortgage repayments, grocery bills, insurance costs, rents and energy prices. The deterioration comes on top of recent OECD and Deloitte Access Economics reports showing Australians have experienced one of the largest declines in living standards across the developed world while the economy enters its weakest sustained period of growth since the early 1990s recession. Together, the ABS, OECD and Deloitte findings paint an increasingly concerning picture of an economy where more Australians are working but falling behind, real wages continue to go backwards, and more workers are seeking additional hours simply to make ends meet. The latest labour market data also comes ahead of the Reserve Bank’s next monetary policy decision, with households continuing to face persistent inflation, elevated mortgage repayments and weak economic growth. While the Albanese Government continues to point to headline employment figures, the latest ABS data demonstrates that the quality and sufficiency of work is deteriorating, with more workers seeking additional hours to support themselves and their families. These figures reinforce concerns that Labor’s high-spending, inflationary policies have failed to deliver stronger living standards or more secure employment opportunities for Australian families. Key figures from the Australian Bureau of Statistics: Since January 2026, the number of Western Australians seeking more hours of work has increased by 12,500 people, rising from 63,900 to 76,400. In May 2026, 40,800 Western Australian women and 35,600 men were seeking more hours of work – the highest figures since October 2020 and November 2020 respectively. Western Australia’s underemployment rate increased from 3.8 per cent to 4.7 per cent in May 2026 – an increase of almost 24 per cent. Underemployment has risen for four consecutive months, from 4.2 per cent in February to 4.7 per cent in May 2026.   Key findings from the OECD Employment Outlook 2026:   Since early 2021, Australia’s real hourly wages have fallen by around 5 per cent – one of the largest declines across the OECD. Australia was one of only 11 OECD countries where the real minimum wage declined between April 2025 and April 2026.   Key findings from Deloitte Access Economics Business Outlook, June Quarter 2026:   Australia’s economy is forecast to grow by just 3 per cent in 2026-27, with the longest stretch of sub-2 per cent growth since the early 1990s recession. Headline inflation is expected to remain above 4 per cent for the rest of the calendar year, while households with an average mortgage are paying around $350 more each month following this year’s interest rate increases.   Comments attributable to Senator Dean Smith:   “These figures show that while more Western Australians may have a job, too many cannot get the hours they need to keep up with Labor’s cost-of-living crisis.”   “More than 76,000 Western Australians are now looking for extra hours of work, the highest number because household budgets are being crushed by rising costs and higher interest rates.”   “The OECD says Australians have suffered one of the biggest falls in living standards in the developed world, Deloitte says economic growth is the weakest in decades, and now the ABS shows more workers cannot get enough work.”   “Headline employment figures mean little when more Australians are underemployed, real wages are going backwards and families are falling further behind.”   “Ahead of the Reserve Bank’s next interest rate decision, these figures are another reminder that Australian households remain under enormous financial pressure after more than four years of Labor.”   “After more than four years in office, the Albanese Government can no longer blame anyone else for weaker growth, higher inflation, falling living standards and a labour market that is leaving more Australians short of work.”   ENDS  

OECD CONFIRMS LABOR’S COST-OF-LIVING CRISIS IS LEAVING AUSTRALIANS WORSE OFF

The latest report from the Organisation for Economic Co-operation and Development (OECD) has confirmed Australia has experienced one of the sharpest declines in living standards anywhere in the developed world, with Australian families continuing to lose ground under the Albanese Government.

OECD CONFIRMS LABOR’S COST-OF-LIVING CRISIS IS LEAVING AUSTRALIANS WORSE OFF

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 8 July 2026 MEDIA RELEASE   OECD CONFIRMS LABOR’S COST-OF-LIVING CRISIS IS LEAVING AUSTRALIANS WORSE OFF   The latest report from the Organisation for Economic Co-operation and Development (OECD) has confirmed Australia has experienced one of the sharpest declines in living standards anywhere in the developed world, with Australian families continuing to lose ground under the Albanese Government. The OECD’s Employment Outlook 2026 shows Australians’ real wages have fallen by around five per cent since early 2021—one of the largest declines across the OECD—while workers across the average OECD country have enjoyed improving living standards over the same period. Even more concerning, the OECD forecasts Australian real wages will fall again this year as inflation continues to outpace wage growth, further eroding household purchasing power. The findings come as Deloitte Access Economics warns Australia is facing its weakest sustained period of economic growth since the recession of the early 1990s, with weak productivity, persistent inflation and slowing consumer spending weighing heavily on households. Together, the OECD and Deloitte reports paint a deeply concerning picture of an economy where Australians are working hard but falling behind, families are being forced to stretch every pay packet further, and living standards continue to decline. The OECD also identified Australia as one of only 11 OECD countries where the real minimum wage declined over the past year, placing even greater pressure on lower-income workers already struggling with rising household costs. While Australia continues to enjoy comparatively strong employment and workforce participation, the OECD makes clear these strengths are not translating into higher living standards because inflation continues to erode wage growth and household purchasing power. The report also reinforces the importance of restoring productivity growth and disciplined economic management. Instead of tackling the structural drivers of inflation, the Albanese Government has continued to pursue higher spending, adding pressure to an economy already struggling with persistent inflation. That has made it harder to bring inflation under control and prolonged the cost-of-living pressures facing Australian families.   Key quotes from the OECD’s Employment Outlook 2026: “Since Q1 2021, real hourly wages in Australia have fallen by approximately 5%, representing one of the steepest declines among OECD countries, while the OECD median recorded slight gains over the same period.” “This sustained erosion of purchasing power points to persistent pressures on household incomes…These pressures are compounded by a decline in the real minimum wage between April 2025 and April 2026, placing Australia among only 11 OECD countries where this occurred”   Key quotes from Deloitte Access Economics Business Outlook, June quarter 2026: “Australia’s growth outlook has deteriorated over the past six months … the economy is expected to grow by just 1.3% in 2026-27, with less than 2% annual growth over the next two years – the longest stretch of sub-2% growth since the early 1990’s recession.” “Headline inflation may remain above 4% for the remainder of the calendar year…households with an average-sized mortgage have already needed to find an additional $350 per month following three interest rate increases in 2026.”   Comments attributable to Senator Dean Smith: “The OECD has delivered a damning verdict on Labor’s economic record, confirming Australians have suffered one of the sharpest declines in living standards anywhere in the developed world.” “Australians do not need an OECD report to know they are going backwards, but this this report confirms our living standards have fallen while those in most comparable countries have improved.” “The OECD’s warnings that real wages are expected to fall again this year means Australian families face the prospect of becoming even worse off.” “Labor has a spending problem that has fuelled inflation. Kept prices higher for longer and made life more expensive for every Australian household.” “After more than four years in office, the Albanese Government can no longer blame everyone else for an economy that is leaving Australians poorer.” “Australians deserve an economy where inflation is under control, wages grow faster than prices, productivity is rising, and every generation has the opportunity to enjoy a better standard of living than the last.” ENDS  

ACNC REPORT CONFIRMS COST-OF-LIVING CRISIS HITTING CHARITIES AND COMMUNITIES

The Australian Charities and Not-for-profits Commission’s (ACNC) latest Australian Charities Report has confirmed that cost-of-living-pressures are placing increasing strain on both Australian families and the charities that support them.

AUSTRALIA NEEDS TO CREATE NEARLY 2 MILLION NEW JOBS OVER THE NEXT DECADE TO KEEP PACE WITH POPULATION GROWTH

Australia will need to create almost two million new jobs over the next decade simply to maintain the current unemployment rate, according to new analysis by the Parliamentary Library commissioned by Western Australian Liberal Senator Dean Smith.

LABOR’S CGT CHANGES THREATEN WA EXPLORATION, JOBS AND FUTURE MINES

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 28 May 2026 LABOR’S CGT CHANGES THREATEN WA EXPLORATION, JOBS AND FUTURE MINES Labor’s proposed capital gains tax changes risk choking off investment into Western Australia’s mineral exploration sector, threatening jobs, discoveries and the next generation of mines that underpin the State’s economy. Western Australia would be hit hardest, accounting for more than 60 per cent of Australia’s mineral exploration activity and hosting the overwhelming majority of the nation’s exploration companies in West Perth. Mineral exploration, Australia’s original start-up sector, represents a $2.57 billion annual investment in Western Australia, supports more than 4,000 jobs and underpins the future of the State’s $220 billion resources industry. Junior explorers are high-risk, pre-revenue businesses, with only around one in 1,000 projects progressing to production. Without stable earnings, dividend streams or institutional backing, exploration companies rely on retail investors, self-managed super funds and “mum and dad” shareholders willing to back speculative, long-term opportunities. Recent ASX exploration IPOs have depended heavily on retail investors, who account for more than half of early-stage allocations on average. Reducing the after-tax return for those investors risks starving exploration of capital, weakening the pipeline from discovery to production and ultimately hitting jobs, royalties and government revenue. No exploration investment means no exploration, no discoveries, no new mines, no critical minerals and no credible “Future Made in Australia”. The Albanese Government has already scrapped the Junior Minerals Exploration Incentive (JMEI), despite the program generating hundreds of millions of dollars in additional exploration activity and strong long-term economic returns. A University of Western Australia study found mineral exploration generates between seven and twenty dollars in economic value for every dollar invested. With the Treasurer signalling potential carve-outs for parts of the technology sector, pressure is growing for mineral exploration to receive similar treatment given the disproportionate impact these changes would have on early-stage explorers. Comments attributed to Senator Dean Smith: “Over 60 per cent of Australia’s mineral exploration occurs in Western Australia and the overwhelming majority of these companies are based in West Perth, making this policy an attack on WA.” “Mineral exploration is Australia’s original start-up sector, and if you cut off capital you cut off discoveries, future mines, critical minerals and future jobs.” “Exploration companies do not have stable earnings, dividend streams or deep institutional backing; they survive because Australians are prepared to back high-risk opportunities with the prospect of long-term reward.” “Labor has already scrapped the Junior Minerals Exploration Incentive and now wants to reduce the incentive for investors to back the next discovery, which is a dangerous combination.” “A University of Western Australia study found mineral exploration delivers between seven and twenty dollars in economic value for every dollar invested, making it economically reckless to cut off investment before projects get off the ground.” “The next iron ore mine, lithium project, rare earth discovery or critical minerals operation starts with exploration capital and investors willing to take a risk.”

LABOR’S DISCRETIONARY TRUST TAX RISKS MAJOR HIT TO WA CHARITIES, CHURCHES AND COMMUNITY ORGANISATIONS

Labor’s proposed 30 per cent minimum tax on discretionary trusts could deliver a significant blow to Western Australia’s charity and not-for-profit sector, reducing support for churches, sporting clubs, community organisations and charities across the State.

LABOR’S ZERO MINING INVESTMENT OUTLOOK A WARNING SIGN FOR WESTERN AUSTRALIAN JOBS

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 22 May 2026 LABOR’S ZERO MINING INVESTMENT OUTLOOK A WARNING SIGN FOR WESTERN AUSTRALIAN JOBS Mining investment forecasts are heading in the wrong direction under Labor— and Western Australia cannot afford the consequences. Analysis commissioned by Western Australian Liberal Senator Dean Smith from the Parliamentary Library shows a mining investment forecasts have progressively weakened under successive Labor Budgets, with Treasury now forecasting 0.5 per cent growth in 2025–26, 1 per cent in 2026–27, and zero growth in 2027–28. This stands in stark contrast to stronger investment expectations seen in earlier budgets and reinforces growing concerns across the resources sector about uncertainty, rising costs and Australia’s deteriorating investment competitiveness. Western Australia’s mining and resources sector directly employs more than 130,000 people, sustains regional communities, contractors, manufacturers and engineering firms, and underpins billions of dollars in exports, taxation revenue and economic activity. The Parliamentary Library analysis shows the sector is increasingly focused on maintaining existing production rather than committing to major new investment. At the same time, industry warnings about Australia’s investment competitiveness are growing. Last year, the Association of Mining and Exploration Companies (AMEC) warned Australia’s international investment attractiveness had suffered a significant blow, with no Australian jurisdiction appearing in the Fraser Institute’s Top 10 mining investment destinations for the first time in living memory. Western Australia fell from 4th to 17th in the rankings, with AMEC pointing to approvals delays, land access issues and growing regulatory uncertainty. These pressures and increasingly being reflected across the sector. Over the past year, major mining companies, including Rio Tinto, BHP, Iluka, South 32 and others have announced restructures, redundancies or cost cutting measures affecting WA jobs. At a time of weakening investment forecasts and fierce global competition for capital, Western Australia must remain an attractive place to invest – and protect its fair GST share.   Comments attributable to Senator Dean Smith “The Parliamentary Library analysis shows mining investment forecasts weakening Labor, falling to zero growth by 2027–28.” “Mining is the engine room of the Western Australian economy and when investment slows, jobs, regional communities and small businesses feel the impact. Labor continues to rely on mining revenue while uncertainty, rising costs and approvals delays make Australia less competitive for investment.” AMEC’s warning last year was clear – Australia is slipping in the global race for mining investment, and Western Australia cannot afford complacency.” “Now more than ever. We must back investment, strengthen competitiveness and protect WA’s fair GST share.”