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

Thank you, Mr Speaker. General Molan gave me some very good advice—I wish those opposite had taken it. What he said is: you don't rush to failure. And that is what we have seen from those opposite when it comes to negative gearing. Because what those opposite have done is they have rushed out with a cobbled together policy which the shadow Treasurer says they were developing for eight months—something he neglected to tell the Leader of the Opposition just 12 months and nine months ago. They have rushed out with a policy which will ensure that one in three purchases of real estate in this country will be removed from the existing residential real estate market.

They have rushed to failure on this; but, by contrast, on this side of the House, we continue to work steadfastly and considerately through the options that are available to the government to look at the challenges that we face. And we will look at options. We will consider their impact on the economy and, particularly, on the markets that they may impact and then we will come to a considered decision.

What we will not do, which is what they have done, is cobble together a policy on negative gearing that will punish the nurses, the paramedics, the police officers, the servicemen and women of this country, the tram drivers, the train drivers and all of those who are the predominant users of negative gearing in this country. They think they are the problem, but we know they are the answer. It is these investors—it is these mums and dads, these people—who are working every day in our economy to make the transition of our economy a success. But those opposite, what they want to do is tax them and they want to keep taxing them whether it is a 50 per cent increase in capital gains tax or the other higher taxes they are putting on across the board. However, it is for only one reason they want to continue to tax: they cannot walk or move away from their addiction to spending. Those opposite will spend silly, if they are given the opportunity, and to ensure that they continue to do that, they will tax you as high as they can. That is no way to manage the transition of our economy.

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