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

On the question of scare campaigns, let me simply remind honourable members of these very simple facts. Housing is the largest single asset class in Australia. It represents most of each Australian family's net worth. Under the Labor Party's plan, from 1 July 2017 investors will not be able to offset their rental losses against wage and salary and, presumably, other personal professional income. So that will remove for residential housing, we estimate, based on the percentage of loans made in December, something in excess of a third of the buyers. That can only have the effect of reducing housing prices. Reduce the number of buyers and prices will come down. That is not a scare campaign. That is economics 101.

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