Live: Shadow minister says he wants to see 6pc drop in entry-level house prices

Prime Minister Anthony Albanese is expected to tell a summit today that the federal government's budget measures are an attempt to push back against "economic dislocation".

One Nation MP Barnaby Joyce has had to clarify his party's position on foreign home ownership following an interview on Sky News last night.

Joyce was asked by host Andrew Bolt whether One Nation's policy to give foreign owners of homes in Australia two years to sell up, or face their property being repossessed by the government, extended to permanent residents.

In his initial response, the One Nation recruit said the policy did apply to permanent residents. "Yeah it does. That's my belief in policy it does," Joyce said.

"Become an Australian citizen and that's going to deal with the issue, right? Become an Australian citizen."

Following the interview, Bolt said the One Nation MP had to make calls with party officials to clarify whether it did affect permanent residents.

Joyce pre-recorded a second shorter interview with Bolt to clarify the party's policy did not include forcing permanent residents to sell their homes.

"On further investigation and discussions with One Nation, no we are not going to be kicking permanent residents out of their house," Joyce said.

"The concept is quite clear. We want people to progress through to Australian citizenship but that should not come at the expense of permanent residents being divested of their house."

Asked who exactly the policy applies to, the New England MP says it applies to foreign citizens in Australia who are not permanent residents.