Andrew Leigh (Fraser, Australian Labor Party, Shadow Assistant Treasurer) Share this | Hansard source

Today we had the Minister for Social Services telling us that two-thirds of Australians negatively gear—a patently false claim. Right now we have 93 per cent of property investment going towards existing properties, not new ones. If this is a policy aimed at boosting housing supply, it has got a 93 per cent failure rate.

In 2001, when Peter Costello expanded the First Home Owner Grant for new homes, making it twice as large for new homes, Mr Costello said, 'This measure will stimulate the building sector, including many small businesses.' But that idea that we ought to give more generous support to those buying new-built homes, seems to have been forgotten by those opposite, who will praise Peter Costello whenever it suits them but forget that he provided more assistance to new home buyers.

Before the election we were promised more jobs, more growth, more investment and less debt. But what we have got is rising unemployment, GDP downgraded, capex tanking and debt up. We have got a Prime Minister who, over the last six months, is less agile and more Abbott; less genial and more Godwin. He has promised to change his party, but let's face it: they are changing him. Only a few bites of the onion and we will be back where we were in 2013. (Time expired)

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