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

He also makes reference to the timing of BIS Shrapnel's report. Well, the McKell report, which those opposite rely on, was published six months before Labor's announcement. And the NATSEM modelling that they rely on—this is all the modelling they talk about—was published nearly a year before Labor's policy was released. So those opposite have not only modelled their own policy, but now, when a respected organisation like BIS Shrapnel has conducted work on key elements of the policy which has been put forward—and, as the Prime Minister said, not in their wildest dreams could BIS Shrapnel have predicted that Labor would not only smash negative gearing in the way they propose to do but on top of that would actually put up the capital gains tax by 50 per cent on those same investments. They could not even imagine a policy that would be so daft.

Mr Bowen interjecting—

The member for McMahon makes reference again to this typo in the report. What it was referring to was $1.9 trillion in terms of the average of the economy over the next 10 years. The MYEFO forecasts themselves have a medium-term projection which is consistent with that, which I would suggest to the member for McMahon that he might want to familiarise himself with. When the member for McMahon wrote his own book, he could not get $500 million and $500 billion worked out! The member for McMahon is out there with a policy which we know is going to attack homeowners, renters and investors. And who are those investors that he wants to attack? As we have said time and time again, two-thirds of those claiming net rental losses have a taxable income of $80,000 or less. Those opposite are saying to the policemen, policewomen, nurses, teachers, paramedics, mums and dads and servicemen and women that it is over.; you cannot go out and invest to try and make a future for yourself. They are going to preserve that right for chief executives earning $2 million a year and $100,000 a year in share dividends.

Opposition members interjecting—

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