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

That is not a function of a lack of money. It is because there is insufficient zoning or permitting. It takes too long to get approvals. Most people in the residential development sector will tell you that it takes about three times as long to get a DA in Sydney as it does in Brisbane, which is why property is more affordable in Brisbane. So that is the problem. In fact, my friend the honourable member for Fraser will recognise Professor Edward Glaeser's work, from Harvard. It set all this out many years ago. This is very, very well understood. If you want to increase housing affordability, you need to increase supply, and that involves changing zoning and permitting—that is, it is a planning issue; it is not a money issue.

What Labor propose to do is to pour all of that investment money into one small part of the property market. So they smash the vast bulk of the residential property market—

Dr Leigh interjecting—

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