Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer. In a train wreck of an interview this morning the Assistant Treasurer said the government had no plans to change 'capital gains tax arrangements with respect to negative gearing'. Is the Assistant Treasurer aware that these are two separate things? What on earth was the assistant Treasurer talking about this morning?

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

Before I call the Assistant Treasurer and Minister for Small Business: I have cautioned the member for McMahon before about some of the language in his questions, and I think the last time I cautioned I took the time to tell him I would not necessarily allow a rephrase. I am saying that, on that question, that language—the descriptions—at the start of the question is unnecessary. I am going to call the minister nonetheless but I am giving fair warning to the member for McMahon.

Mr Perrett interjecting—

The member for Moreton is warned.

Kelly O'Dwyer (Higgins, Liberal Party, Minister for Small Business) Share this | Link to this | Hansard source

I thank the member for his question because it gives me yet another opportunity at the dispatch box to talk about the policy that those opposite do not with to speak of: the policy that the Labor Party have to scrap negative gearing for established property and instead force investors into new property.

And it is not just our side of politics that has got serious concerns about the policy of those opposite. In fact, there are some sitting on the other side who actually share our concern. There are some who have expressed reservations about changing, scrapping and mucking around with negative gearing. Yes indeed, the professor himself, the shadow Assistant Treasurer—I withdraw. The member for Fraser.

Government Members:

Government members interjecting—

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

Members on my right will cease interjecting.

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order on direct relevance. The Assistant Treasurer was asked about her confusion between negative—

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

The member for McMahon will resume his seat. There is no point of order. The Assistant Treasurer has the call.

Kelly O'Dwyer (Higgins, Liberal Party, Minister for Small Business) Share this | Link to this | Hansard source

I know that those opposite perhaps do not wish to hear what it is that the shadow Assistant Treasurer has said about negative gearing in the past but I think it is a good opportunity to share with those in the chamber his comments and his reservations about mucking around with negative gearing. The member for Fraser in the past has worried about the impact of changes to negative gearing. In 2013 he worried that the coalition might get rid of negative gearing for people who bought a house late last year 'and thought that that was an investment property that they could rely on'.

He said this because he was concerned about what the impact of that change may be. If he was concerned about the impact of the change, he was predominantly concerned about the value of their property—an established property—going down. He was concerned about the wealth and the investment that had been made by that individual in purchasing that property and in having that wealth eroded. I am really pleased to know that at least the Assistant Treasurer over on the opposition benches understands that there are serious concerns and serious impacts on the economy when you change negative gearing. I only wish that the shadow Treasurer had consulted him when they formed their policy.

Dr Leigh interjecting—

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

The member for Fraser I spoke to yesterday. The member for Fraser will not ignore my ruling from yesterday if he wishes to remain in the House.