Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

What I am talking about is the policy of those opposite to limit negative gearing just to new houses. As the Prime Minister has said, under their capital gains tax and other measures, one in three investors will be taken out of the existing home market, and they think that that will not have an impact on the nurses, the teachers and the others, who are looking for that opportunity. So what they are saying is: if you have got your property now, if you have had that opportunity, in the future—if you are a nurse graduating in five years from now, you want to get into the housing market and negative gear on an existing property—the answer from those opposite is: 'No, we're going to shut you out. We're going to roll you out.'

Those opposite have no empathy for Australians who are working to pay tax in this country. They have no empathy for those who are trying to back themselves in this transitioning economy. What you get from them is a race for higher taxes. The policy debate in this country is not about who can raise the most taxes, but those opposite think it is. Those opposite think the policy debate in this country is: who can raise the most taxes? We are not in that race; we are into lower taxes and lower spending.

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