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

If house prices were to fall by just five per cent, it would leave households in the lowest income quintile, the lowest 20 per cent, just under $12,000 poorer.

The Leader of the Opposition likes to say that negative gearing—the ability to claim a net rental loss—benefits only the wealthy few. I know, as the honourable member does, that many of those people claiming net rental losses in his electorate are members of unions. I imagine many of them are members of the AWU. Of course, the Leader of the Opposition, when he was the national secretary of the AWU, said, talking about negative gearing:

These tools are not accessible to members of the Australian Workers Union and other ordinary working Australians.

Well, there are 82,290 fitters in Australia and 9,585 of them use negative gearing—that is 11.6 per cent. Their average net rental loss is $10,000. There are 109,000 steelworkers in Australia and 9,480 of them use negative gearing—that is 8.7 per cent. Their average net rental loss is $9,920. There are 104,000 metalworkers and 11,000 of them use negative gearing—that is 10.6 per cent. Their average net rental loss is $9,740. The honourable member knows full well what the opposition leader does not: Labor's attack on negative gearing is an attack on the savings of ordinary Australians. (Time expired)

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