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

I thank the member very much for his question. Let us look at what the report has modelled. It has modelled, for established dwellings, the removal of a tax deductibility of losses on established residential property against general income—that is their policy. New properties are exempt—that is their policy. The change applies to established dwellings only. New dwellings continue to attract concessions as per usual—this is their policy. It has grandfathering as well—that is their policy. Tick, tick, tick—that is their policy.

It is true that the BIS Shrapnel modelling does not include all the elements of Labor's policy. It does not include the 50 per cent increase in capital gains tax. It does not include that at all. But what it does conclude—even just on the few things that it has picked up—is that rents will rise by 10 per cent. It does pick up that new home building will shrink by four per cent nationally. It does say that it will hit GDP by $19 billion a year. It does say that 70,000 extra households will go into rental stress. It does say all of that. What it says is Labor's policy is bad if you own a home—

Honourable Members:

Honourable members interjecting—

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

The level of interjections on both sides is far too loud.

Ms Butler interjecting—

The member for Griffith is warned.

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

It says, under Labor's proposals, it is bad if you own a home, it is bad if you invest in a home and it is bad if you rent a home. They did not miss anyone. They hit them all. The member for McMahon has come to the dispatch box all hairy chinned and hairy chested and talked about a typo in the report. Well, the member for McMahon was very kind when I became Treasurer. He gave me a copy of his book and I read his book. When he was talking about the superannuation reforms under his hero, PJ, he said:

It was estimated the national pool of savings would increase by $500 million by 2037.

Didn't you mean billion? If you want to talk about typos, check your own book.