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

the Labor Party think your livelihood is a joke. They despise the work you do. They despise the fact that you are struggling to make a living, and they sneer at the losses that you incurred because of Labor's incompetence.

That is the same contempt that Labor have for homeowners. Every single home in Australia will be worth less under a Labor government and it will be worth less for one very clear reason—what Labor are proposing is a massive shock to the residential property market. They are proposing to ban in one fell swoop investors from existing residential property. It will mean that over one-third of the buyers in the market at the moment will no longer be there. That will, as every Australian knows, reduce the value of your home. It will cut the value of your home. It will mean that you cannot afford to borrow some money to give to your kids so that they can buy a place. It will mean you cannot afford to go on a holiday. When you want to start a business and you go to the bank to borrow some money the bank will say, 'You better get a valuation,' and you will discover that your home has been reduced in value, and it will be entirely the consequence of a deliberate, calculated act by a Labor government. That is the threat.

Sixty-five per cent of Australians' net worth is in their home. It is fundamental to their sense of worth, to their ability to consume, to their ability to invest and to their ability to enjoy their family and take holidays. It is the foundation, and Labor will strike at that because the more honest among them say that they want the price of your home to go down. That is Labor's objective. If they win the election, they will succeed in smashing home values.

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