Scott Ryan (Victoria, Liberal Party) Share this | Hansard source

This motion is a ridiculous stunt and will not be supported by the government. Labor wants to rip away a once in a lifetime opportunity for families to get ahead by investing in a property. Around two-thirds of those who declared a net rental loss in 2012-13 had a taxable income of $80,000 or less and 72 per cent of claims were a net rental loss of $10,000 or less. There are 10 times more negative-gearers who are nurses, teachers and Defence Force personnel than those who are surgeons and anaesthetists—more than 100,000 claimants compared with fewer than 10,000. Under Labor, investors accessing negative gearing will now only have the option of going to the new home market and, if they happen to be a first home buyer, they will be competing with all of them.