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

Twelve months ago, Labor announced our housing affordability policy, with reform of negative gearing and capital gains tax. That was 12 months ago. What has happened since? House prices continue to go up and the Treasurer continues to fail. We have seen double-digit growth in Sydney and Melbourne, we have seen Australia's major cities listed in the 20 least affordable cities around the world and we have seen the Treasurer lurch from excuse to excuse. The excuses are over, because our policy has been backed by a plethora of groups and eminent experts, from the Committee of Economic Development of Australia to the IMF—right across the board—and the Treasurer has had few allies and those allies are dropping off as we speak. I think I know what is going on. At our announcement, Stockland said they did not like it. Today, the chief executive of Stockland said, 'Reform is necessary.' Just in the last few minutes, guess who we have heard from: Aussie John. Aussie John Symond has said, 'We think we might need some reform.' I think I know what is going on here. The Treasurer, having lost in the cabinet room, is phoning a friend and saying, 'Hi. We're having real trouble getting negative gearing reform. Do you think you could come out and change your mind? I know I asked you to say it was a bad idea last year. Why don't you say it's a good idea today? I might get the numbers in the cabinet for once.' That is what the Treasurer is up to. The excuses are running out. Australia's young people deserve a foot in the door. They deserve the great Australian dream no more or less than any other generation, and this Treasurer— (Time expired)