Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. Today, the former Prime Minister has shirt-fronted the current Prime Minister over his lack of economic leadership. Will the current Prime Minister take up the former Prime Minister's challenge and rule out retrospective changes to negative gearing?

Government Members:

Government members interjecting—

Mr Ewen Jones interjecting—

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

The member for Herbert! The Treasurer will just wait a second. Members on both sides will cease interjecting.

Mr Fitzgibbon interjecting—

Mr Perrett interjecting—

The member for Hunter will cease interjecting. I asked the member for Herbert to cease interjecting a second ago.

Mr Hunt interjecting—

The member for Flinders will not interject while I am addressing the House. I again invite him to familiarise himself with some rulings I made while he was away. The member for Moreton and the member for Herbert are warned.

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

I thank the Prime Minister for the opportunity to respond. The question actually relates to the different positions, apparently. But let me talk about the different positions on that side of the House because, 12 months ago, Jon Faine asked the Leader of the Opposition: 'Yes or no? Would you, in some way, wind back negative gearing?' And the Leader of the Opposition said, 'That policy is not on our radar.' Then, nine months ago, when asked the same question, he said, 'Negative gearing changes are not the focus of the Labor Party.' He said, again, nine months ago, 'We have said all matters need to be on the table for discussion, but it is not our focus or on our radar to scrap negative gearing.' Now that is fair enough. That is what he said nine months or 12 months ago, and that, apparently, was the position of the opposition on negative gearing. So, funnily enough, just 2½ weeks ago, when the member for McMahon was asked about negative gearing, he said—and this was after they had announced their catastrophic, market-destroying changes—'We've been working on our policy for 18 months!' He forgot to tell the Leader of the Opposition. They are the 'Bib and Bob' of basket cases when it comes to policies on negative gearing. What those opposite do not understand on negative gearing is that mums and dads are investing in property for their own future. One of the things that those mums and dads are doing is that they are investing—

Ms Plibersek interjecting—

Ms Macklin interjecting—

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

The Treasurer will resume his seat. Just before I hear the member for Griffith on a point of order, the interlude gives me the opportunity to warn the member for Sydney and the member for Jagajaga. The member for Griffith on a point of order.

Terri Butler (Griffith, Australian Labor Party) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order on relevance. Unfortunately, the minister giving the answer is not relevant, and I ask—

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

The member for Griffith will resume her seat. Members on my right will cease interjecting. Without restating everything that I have said about ministers' answers, on any reading the preamble to that question was very broad. The Treasurer has the call.

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

It would seem, of course, that the Leader of the Opposition is on a need-to-know basis when it comes to their policy. But I cannot call them policies, because all they are announcing is higher taxes. That is all we are getting from that side. They camouflage policy as putting their hand deep into the pockets of mum and dad investors who are simply trying to get ahead. The point I was going to make is: who do they think is investing in properties that go into Defence Housing Australia's pool—that are actually providing properties for our servicemen and servicewomen. For mums and dads investing in negative gearing, private investors account for more than 70 per cent of the properties in the DHA housing pool. But, interestingly, over 3,000 defence men and women are those who are investing in negative gearing, and they have an average net rental loss of some $9,300. Those opposite may want to think that these investors are the problem, but we on this side know that they are the ones who are supporting the successful transition in our economy that this side of the House knows how to manage.