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

We respect the intelligence of the Australian people by considering fundamental changes to the tax system carefully, with full analysis and with due diligence. We do not respect the intelligence of the Australian people, nor do we discharge our responsibilities appropriately, if, as the Labor Party has done, we were to rush into proposing changes without understanding the consequences of them. What the Labor Party has proposed, in terms of its changes to negative gearing, undermines the value of the largest single asset class in Australia. It undermines the value of every Australian home. It will, as the member for Sydney observed a moment ago, ensure that hardworking Australians on average incomes—a nurse, a teacher, a police officer—will not be able to buy an investment property, a residential property, and rent it out, and offset their net rental loss against their income.

Ms Plibersek interjecting—

The honourable member for Sydney says, 'No; they should be happy just to buy a residence.' So only the wealthy who can negative gear against their investment income will be able to buy existing residential properties under the policies of the Labor Party.

Ms Plibersek interjecting—

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