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

My question is to the Prime Minister. The Treasurer has reportedly explained to a Liberal backbench committee what he considers to be the excesses of negative gearing. Does this government have such contempt for the Australian people that it will tell a backbench committee what these excesses are but will not tell the Australian people? Will the Prime Minister now finally outline to the House and the Australian people what the government regards as the excesses in negative gearing?

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

I thank the honourable member for his question, and since it is directed at some remarks made by the Treasurer I will invite the Treasurer to answer the question.

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

I thank the Prime Minister for the opportunity to again remind those opposite of who we certainly do not believe are engaged in excesses in negative gearing. I will run through the numbers once again. There are 3,105 Defence Force personnel who used negative gearing, a net rental loss of $9,300. We have got 885 anaesthetists who are engaged in negative gearing, but there are 57,855 teachers who use negative gearing. There are 990 surgeons who are engaged in negative gearing, but there are 39,250 nurses and midwives who use negative gearing. Those opposite think that those nurses, teachers and Defence Force personnel are the problem with negative gearing, because they want to say: 'No, you can't engage in it any more. You can't engage in that for existing properties.' In addition to that, 585 lawyers and judges are engaged in negative gearing, but 19,000 police and emergency service workers are engaged in negative gearing. There are less than 7½ thousand finance managers, but almost 35,000 general clerks using negative gearing.

What this side of the House understands is that mum and dad investors—people out there working hard every day trying to provide an opportunity for their future—deserve a fair go when it comes to negative gearing. They should be able to continue to do that, as they have been doing it. Those opposite disagree. Those opposite think it is the right policy for Australia in this economy, when there is pressure on investment and when global times are uncertain. They think the best thing they can do for the economy in this country is to put a big tax on investment. More than that, they want to do it in such a way as to take one in three purchasers out of the existing property real estate market and say to everybody and the house that they own that when they try and sell that on, they will be selling it to a smaller group of people.

Confidence is so important in our economy. Those opposite should know about that because they eroded confidence in our economy and Australians' confidence in the economy every day they were in government. But we understand that for Australians to have confidence they have to have confidence in the home that they have invested so heavily in and have sacrificed for. Those opposite seem to think that that is an excess. On this side, we do not. We know it is Australians who everyday are enabling—(Time expired)

Mr Dutton interjecting—

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

The minister for immigration will cease interjecting.