Karen McNamara (Dobell, Liberal Party) Share this | Link to this | Hansard source

Shame on Labor for their complete disregard of the Australian property market through their desire to decrease property values, forcing people out of rental accommodation and increasing the burden on public housing. It is estimated that areas of high negative gearing, such as the Central Coast, under Labor's ill-conceived property plan, will experience a nearly 30 per cent decrease in possible home values. Many investors would have no choice to off-load their properties because they cannot afford it; others would seek to offset their losses through increasing rents.

In Dobell, we have 13,878 rental dwellings. That is a lot of families, a lot of couples and a lot of singles who would be impacted by Labor's disgusting policy. The reason negative gearing exists is to assist in providing rental accommodation as opposed to providing public housing. The average rental deduction is $2,000 per investment claim per annum. No government can provide accommodation at $2,000 per annum per tenancy. It would cost the taxpayer much more to provide government assistance to 30 per cent of the population who rent. This government will not put up rents. We will not devalue people's homes. We will not increase the demand for public housing. We will not put 1.1 million builders and tradies' jobs at risk. Property accounts for 11.5 per cent of the Australian economy. It requires steady, stable economic management, not a plan for devolution of people's homes for political gain. (Time expired)