Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

So we have the part-time teacher who wanted to buy an investment property and negatively gear the rental losses. They cannot do that under their policy, but the banking executive living in the member for Sydney's electorate, who could have $50,000 or $75,000 worth of dividends, could under their policy, if they go buy an existing investment property, negatively gear it. They can negatively gear it.

This is probably just one of the many things that the member for McMahon and the Leader of the Opposition did not talk about when they were not talking about negative gearing on their side. What the policy says is you can negatively gear against investment income but not on a wage and salary earning. You cannot write it off.

Honourable members interjecting—

Whether it is on fairness, whether it is on the issue of the mayhem it would create in the property markets, if you buy a new property, the minute you put the key in the door under their policy, it becomes an old property and you cannot sell it to one out of the three people who would previously have bought it. Under their policy, it is like driving a new car off the lot. They just have not thought it through. That is why, when it comes to tax policy, they cannot be trusted to manage the transitioning economy as this side of the House can.

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