Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

(—) (): I would make a few points. The first is people can still use negative gearing when they invest in a new build. That is the position the government has articulated in the budget. We have acknowledged this is a change. Why have we made this change? The budget papers go through this very clearly. What they show is that the combination of capital gains tax and negative gearing has the effect of privileging the position of investors in the housing market, and what we want to try and ensure is that the composition of housing includes more owner occupiers because we want more young people to enter the housing market, to have the same opportunities as you had. That is what this is about. What we are also combining it with is tax reform that delivers more for working Australians—again, something those opposite— (Time expired)