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

I thank the Leader of the Opposition for his question. Earlier today, his shadow Treasurer published a press release, which referred to an economic report on this subject by ACIL Allen last year. What they omitted to mention was this comment on what was understood to be Labor's policy, which is essentially limiting negative gearing to new dwellings. They described it as:

… likely to add considerable turmoil and volatility to rental property and housing markets.

…   .   .

… the main and lasting effect of the measure would be to add significant distortions to investment in different categories of residential property—

that is the bit they did not quote.

What the Labor Party proposes to do is administer two contradictory shocks, massive shocks, to the residential housing market. They are proposing to remove—

Ms Butler interjecting—

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