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

they did it at the peak of the mining boom. And we all remember what happened after that.

What is happening in our housing markets is highly sensitive. Those opposite want to go into the housing market and hack away with an axe. What that potentially does to the housing market, with the broader economic shock that can cause across the economy, is cost jobs. It will hurt Australians and their futures and their incomes. What we have done is put a calibrated package together by using the regulators to ensure the regulators can go in with their changes to borrowing requirements, which means we can ease the pressure on the top part of that market with investors. We are reintroducing the cap on foreign investment in residential development, which the shadow Treasurer lifted when he had the opportunity to do something about this. So we are putting in place the caps that they took off and we are ensuring that foreign investors also do not get the capital gains tax concession for their principal residence. We are using the tax system. We are using the regulatory controls that are available to us to put downward pressure on those investors and that investment pressure in the market. Those opposite want to take to the housing market with an absolute axe. It is irresponsible and it has grave economic consequences for every Australian.

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