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

I thought yesterday that the Leader of the Opposition was suffering from short-term memory loss because he had given a speech at the National Press Club about various economic matters and he asked not one question about it, so I assumed it had slipped his mind between the Press Club and the House of Representatives chamber. So I imagined that today he would return to it—but, alas, no!

The constant speculation at this time of year about the contents of the budget is understandable, but honourable members and indeed everyone has to wait until the budget is delivered. The one thing we do not have to speculate about in terms of tax and changes to taxation is what the Labor Party's policy is, because they have put forward a series of changes to taxation which are absolutely calculated to reduce housing values, undermine business confidence and consumer confidence, restrain economic freedom, stop or slow investment dramatically by increasing the tax on the gains from investments, and undermine the freedom of Australians to invest.

Under the misleading heading of 'Positive plan to help housing affordability', the Labor Party propose that there can be no negative gearing in any asset except new residential housing. They think this will drive jobs; that is how naive they are. On the outskirts of our cities, in the big subdivisions and new developments there, who are the main buyers? They are homebuyers, very often new homebuyers. That is where Labor will be pushing all the investors. So, if you are a young couple wanting to buy a house-and-land package in an electorate in outer Sydney, in the western suburbs, you will be competing with all the investors that will no longer be able to buy established housing. Then of course, if you are dealing—

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