Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

I thought I'd just had a Dorothy Dixer! Beware those who protest too much—that's what I say. This is what the Master Builders Australia CEO said: 'We didn't need to consider the grandfathering because we're looking at future investment, so the hits in terms of increased housing mean that future investment is less likely, and therefore we will see a downturn in the housing sector as a result of Labor's policy.'

We know that Labor's policy will hit those who have invested in the property sector—the teachers, the police officers, the emergency services workers, the nurses. And we know that the Labor Party's policy is a new Labor Party policy, because what did the then Treasurer of the Labor Party in Australia, the member for Lilley, say when Labor was last in government? What did the member for Lilley, Euromoney's man of the year, say about negative gearing? This is what the member for Lilley said when he was Treasurer: 'It would be economically disastrous to do anything on negative gearing'! 'Economically disastrous'! Now that the member for Lilley is the incoming president of the Labor Party, maybe he can change this disastrous Labor policy to increase property tax on hardworking Australian families.

Mr Rob Mitchell interjecting—

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