Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

I thank the member very much for his question. Let us look at what the report has modelled. It has modelled, for established dwellings, the removal of a tax deductibility of losses on established residential property against general income—that is their policy. New properties are exempt—that is their policy. The change applies to established dwellings only. New dwellings continue to attract concessions as per usual—this is their policy. It has grandfathering as well—that is their policy. Tick, tick, tick—that is their policy.

It is true that the BIS Shrapnel modelling does not include all the elements of Labor's policy. It does not include the 50 per cent increase in capital gains tax. It does not include that at all. But what it does conclude—even just on the few things that it has picked up—is that rents will rise by 10 per cent. It does pick up that new home building will shrink by four per cent nationally. It does say that it will hit GDP by $19 billion a year. It does say that 70,000 extra households will go into rental stress. It does say all of that. What it says is Labor's policy is bad if you own a home—

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