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

My question is the Prime Minister. On ABC radio this morning when Jon Faine told the Prime Minister his children were locked out of the housing market the Prime Minister replied, and I quote:

Well you should shell out for them—you should support them, a wealthy man like you.

Is that really the Prime Minister's advice for young Australians struggling to buy their first home? Have rich parents?

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

I thank the honourable member for his question. Housing affordability is a very serious issue, and it is very regrettable that the Labor Party are seeking to mislead young Australians about what their policy will do. They have represented to young Australians their proposed ban on negative gearing as being designed to make housing more affordable because it would bring down housing prices.

Honourable Members:

Honourable members interjecting—

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

That is what they have suggested. Yet this morning we heard the member for Grayndler say that:

What you will see as a result of our policy isn't, you know, some fall in housing prices. It is not doing that at all.

So apparently Labor's negative gearing policy—their ban on negative gearing—is not going to result in any reduction in housing prices. So how could it possibly make housing more affordable. Then we ask this question. Labor's policy does not just apply to residential housing. It bans people from offsetting against their personal income net investment losses in commercial property. What has commercial property got to do with housing affordability?

An honourable member: Shares too.

Shares, business assets right across the board, every single asset class except new dwellings. The truth is as the member for Grayndler acknowledged this morning in his debate with the Leader of the House, the Minister for Industry and Innovation and Science. As he acknowledged, Labor's negative gearing policy is like all of the policies they have announced so far—nothing more or less than a tax grab. Nothing more or less than measures designed to slow growth and discourage investment.

Honourable members interjecting—

Now, for our part, every measure we propose in our budget—every part of our economic plan—is designed to drive jobs and growth. It will ensure there is more investment, more employment, more entrepreneurship, more enterprise in Australia, and that will deliver our children and grandchildren the great opportunities that await them with a strong government with strong economic leadership and a vision for the great opportunities that await Australia if led wisely, prudently by a government that is committed to growth, to jobs, to a sustainable tax system and to ensuring that we bring our budget back into balance. That is our commitment. That is our economic plan.

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

I have made it clear each day this week that the level of interjections is far too high. Today is no exception. I particularly draw my statement to the attention of the members for Wakefield, Throsby, Bendigo, Rankin and Kingsford Smith.