Tim Wilson (Goldstein, Liberal Party, Shadow Treasurer) | Link to this | Hansard source

My question is to the Minister for Housing. Labor's correction in house prices means the value of an Australian home could collapse by 10 to 20 per cent, smashing Australia's nest egg. Did the minister receive or review any advice from Treasury or APRA about how many first home buyers will be pushed into negative equity because of Labor's deliberate correction?

Clare O'Neil (Hotham, Australian Labor Party, Minister for Housing) | Link to this | Hansard source

I appreciate that question from the shadow treasurer. Again, I'm being asked effectively the same question that I was asked just before. Let me come back to a bit of advice to those opposite. The impact of the budget changes on house prices is actually in the budget documents, and I would really encourage those opposite to have regard to those documents. I'm going to refer to page 5 of the factsheet on CGT and negative gearing, and I'm quoting directly from the budget:

Treasury modelling suggests that the reforms will increase the owner occupier share of the housing market, resulting in around 75,000 additional owner-occupiers over the next decade.

I continue:

This is equivalent to reversing around 10 years of declines in the home ownership rate.

The document goes on to say:

The reduction in investor demand is expected to lead to a small and temporary slowing in house price growth, estimated to see prices grow by around 2 per cent less over a couple years relative to no tax policy change.

It's there in the budget documents, and I'd encourage those opposite to actually read them.

Milton Dick (Speaker) | Link to this | Hansard source

I'm not sure what you're doing; resume your seat. We don't approach the dispatch box in that manner. No-one does that.