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

My question is to the Prime Minister. Does the Prime Minister agree with his Liberal colleague the member for Bennelong that, because of the government's current negative-gearing policy, 'Too often we see the young couple getting beaten out at the auction, and then renting out the very place that they were trying to buy'?

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

Mr Speaker, the member for Bennelong has spoken about negative gearing, and he has also spoken about Labor's policy. I think it shows a moment of great self-awareness on part of the member for McMahon that he is citing the member for Bennelong as an authority on his policy. The member for McMahon says he agrees with the member for Bennelong. In this rowdy chamber it is touching to see a note of bipartisanship, and I thank the member for McMahon because the member for Bennelong observed, and I will quote the member for Bennelong, 'Labor's irresponsible proposal to abolish access to negative gearing on existing homes will devastate the housing market.' The member for McMahon knows what he is up to; he is seeking to devastate the housing market and today, at least, he has been honest enough to admit it.