Dr DAVID SALIBA (Fairfield) (12:02): My question is addressed to the Minister for Better Regulation and Fair Trading. Will the Minister please update the House on the Minns Labor Government's plan to make renting fairer by allowing renters to transfer their rental bond from one property to another?
Mr ANOULACK CHANTHIVONG (Macquarie Fields—Minister for Better Regulation and Fair Trading, Minister for Industry and Trade, Minister for Innovation, Science and Technology, Minister for Building, and Minister for Corrections) (12:02): I thank the member for Fairfield for his question and hard work to support and advocate for renters right across our State. More than 2.3 million people in New South Wales rent, and they are renting for longer. We know that renters are experiencing a pretty tough time in a very tight market. Every year, there are many reasons that people move home but, as all members know, moving home is both exhausting and expensive. That is why I am excited to announce that Smart Rental Bonds is now live for every renter, everywhere in New South Wales, months ahead of schedule.
Smart Rental Bonds transforms the way renters pay their bonds. Instead of having to save thousands of dollars for their second bond, they can digitally transfer their current one to the next property that they will move into. This will save renters up to $4,000 every time they move home. The Minns Labor Government was elected with a mandate to make renting fairer. We have delivered on that mandate. These are some of the biggest changes to the rental system in a generation. The status quo of the rental market no longer met the needs of renters in New South Wales. In contrast, Opposition members have proved time and time again that they do not care about renters. When the Government first launched Smart Rental Bonds in August, just over a month ago, almost $1 million worth of rental bonds had been transferred.
The SPEAKER: There is too much audible conversation in the Chamber.
Mr ANOULACK CHANTHIVONG: We tested the IT system, and it passed with flying colours. Of course, this success means the statewide rollout can begin much earlier than anticipated. In New South Wales the days of the dreaded double bonds are over for renters, which means more money to hire removalists, more money to pay cleaning fees and more money to buy new furniture. All of those costs make moving and renting quite stressful. It is very easy to use Smart Rental Bonds online. I will take members through the very simple steps. Renters log in to Smart Rental Bonds and opt in to transfer their bond. If their bond is higher at the next property, then they pay the difference. If their bond is cheaper, then they get their money back. If there is a claim, the Government pays the landlord up‑front so property owners do not face any financial risk, and then renters pay the Government back. Smart Rental Bonds is better for renters and property owners. We have delivered what we promised we would to make renting fairer. [Extension of time]
But I cannot say that members opposite have done the same, because earlier this year the member for Willoughby, and shadow Minister, said to 2GB:
The Coalition committed to a 12-month timeline to get this done, delivered and ready to go for the renters of New South Wales.
I wonder how that went. He talked the game, but it was all talk. The Opposition promised a similar scheme back in 2018.
The SPEAKER: The member for Wahroonga has been so good for most of question time. He will not start misbehaving now.
Mr ANOULACK CHANTHIVONG: In five years the imaginary and elusive bonds scheme never appeared. The former Government never delivered. It proved time and time again to be uncertain and unwilling to support renters in New South Wales. On top of that, the Government and I were criticised for delivering a reform that we had a mandate to deliver. We were criticised for succeeding in delivering reform. Members opposite might be criticising us, but 2.3 million renters in New South Wales are not. We have the right plans for New South Wales so people feel can secure in their homes and build a better life in their local communities.
The SPEAKER: Members will come to order.
Mr ANOULACK CHANTHIVONG: In just over three years in government, we have delivered significant rental reform: We banned no-ground evictions, limited rental increases to once per year, banned fees for background checks, mandated fee-free ways to pay rent and established the NSW Rental Taskforce to implement it all. The statewide rollout of Smart Rental Bonds is the last step towards making renting fairer for people in New South Wales. In 12 years, members of the former Government did nothing. They talked and talked and delivered nothing. They were unable and unwilling. The Government knows there is more work to do. It will continue to build a better New South Wales for the future.
