David Coleman (Banks, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Will the Prime Minister outline to the House how important the asset value of the family home is to the economic security of Australians?

Mr Perrett interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Moreton is warned.

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

I thank the honourable member for his question. I can understand the anxiety that his constituents have when they consider the recklessness of the Labor Party in its proposals. There is no more important issue for the economic security of Australian families than the investment in their home.

Ms Plibersek interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Sydney will cease interjecting

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

Over 65 per cent of Australians' net worth is in residential real estate—and principally the family home.

Ms Plibersek interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Sydney is warned.

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

I will take that interjection. The member for Sydney is complaining that housing prices are too high and that people cannot afford to buy a house. What she wants to do is crash housing prices. She thinks that, by their measure, of a wrecking ball swung into an already vulnerable property market, they will knock down property prices and make it easier for people to buy homes. So the 70 per cent of Australians who own houses will see the value of their single most important asset smashed to fulfil an ideological crusade by the Labor Party designed, so she claims, to make it easier for people to buy a house.

Ms Macklin interjecting—

Mr Bowen interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Jagajaga and the member for McMahon will resume their seats.

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

Let me tell you, even that leftist analysis of economics is wrong. If you get into a situation where property prices—

Ms King interjecting—

Ms Rowland interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Ballarat and the member for Greenway will cease interjecting.

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

are declining, if you are in an environment—which the Labor Party will create—where property prices are on the slide, then people will not want to buy new houses. Homebuyers will hang off. When young couples buy a new house, do you think they buy it on the basis that it is going to go down? I do not think so. They buy it because they hope it will appreciate.

Mr Dreyfus interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Isaacs will cease interjecting.

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

They know that they have an alternative government across the table whose policy is not simply calculated to lower property prices and undermine the security of Australian families but, the Deputy Leader of the Labor Party is boasting across the chamber, that it is all designed to lower property prices. That is their goal.

Nick Champion (Wakefield, Australian Labor Party) Share this | Link to this | Hansard source

What garbage!

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Wakefield is warned.

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

If they have their way, they will ask this parliament to legislate to smash property prices. Nothing could be more calculated to undermine the security of this country's economy. Every decision that individuals make is based on a perception of their own net asset position, and central to that is the value of their home.

Ms Ryan interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Lalor will cease interjecting. Before I call the Leader of the Opposition, I remind the members for Moreton, Wakefield, Chifley and Sydney that they have been warned. The Leader of the Opposition has the call.