Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

residents in Perth will see their net worth decline again. And, right at that moment, when property prices in Perth are set to decline, what does the Labor Party want to do? It wants to give the property market a kick in the guts; it wants to send those prices lower; it wants to take more than one-third of the buyers out of the market, with the inevitable consequence that those prices will come down. Some of the honourable members opposite profess disbelief that prices are set by supply and demand. Let me tell you: they are. If you pull the buyers out of the market, I tell you, prices come down. You do not need to be a professor of economics to know that.

But, worse still, there are individuals, members in the Labor Party—we have heard the deputy leader—who actually want prices to come down. She wants prices in Perth to come down. That may be why the three Perth based members of this House are not running again on the Labor Party side. I do not blame them. It is going to be a pretty hard slog, I would say, defending a policy that goes: 'Vote Labor and be poorer'. That will be their slogan: 'Vote Labor and see your house price go down'. That is what Labor is offering: lower house prices and poorer Australians. (Time expired)

Mr Albanese interjecting—

Mr Dutton interjecting—

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