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| Version 11 | Version 12 |
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| Shorten and Turnbull trade blows over negative gearing – question time live | Shorten and Turnbull trade blows over negative gearing – question time live |
| (35 minutes later) | |
| 4.13am GMT | |
| 04:13 | |
| Further questions have been placed on the notice paper. Give me a minute or two to take stock and I’ll be back with your political afternoon. | |
| 4.06am GMT | |
| 04:06 | |
| New leadership. | |
| 4.04am GMT | |
| 04:04 | |
| Bowen is back now with a question to Scott Morrison. He wants to know if he agrees with the former treasurer, Joe Hockey, who said housing tax concessions should be directed towards new stock. Does Morrison agree with that, or did the former treasurer have a better understanding of the economy and housing market? | |
| Morrison wonders what Chris Bowen has against teachers and nurses. Wither teachers and nurses without their negative gearing concessions. | |
| Scott Morrison: | |
| Those opposite have no empathy for Australians who are working to pay tax in this country, Mr Speaker. They have no empathy for those who are trying to back themselves in, in this transitioning economy. What you get from them is a race for higher taxes! | |
| 3.57am GMT | |
| 03:57 | |
| Labor is back to capital gains tax. | |
| Q: I refer to the prime minister’s answer a few moments ago in which he claimed reducing the capital gains discount would punish investors: “It will drive jobs away and drive investment away”. Is the prime minister aware that foreign investors in Australia don’t receive the capital gains discount? | |
| The prime minister thinks the shadow treasurer, Chris Bowen, is very silly. Very very silly. Doesn’t he know we are trying to get those bright kids back from Silicon Valley? | |
| The prime minister also has a little thought for Bowen. There are nearly twice as many people in his electorate that are negatively geared as votes needed to change hands for him to lose his seat. | |
| He should think about that. | |
| 3.49am GMT | |
| 03:49 | |
| I’ll float a couple of observations while Barnaby Joyce answers his first question as deputy prime minister. | |
| The prime minister in attack mode is playing against his natural strength, which is charm. First point. | |
| Second point, Turnbull is busy styling himself as the defender of capital in question time today, which I suspect at the crass intra-day political level, Labor won’t be entirely unhappy about. | |
| Moving forward. | |
| 3.44am GMT | |
| 03:44 | |
| Bill Shorten, to the prime minister. | |
| Q: Does the prime minister think it’s fair under his government’s policy an investor buying their 7th home will receive more taxpayer subsidies from his government be a first home buyer? | |
| Oh Bill, you are very silly about business, the prime minister thinks. | |
| Malcolm Turnbull: | |
| Mr Speaker, every investor is entitled to deduct the interest expense of the borrowings they incur in order to buy an income-producing asset and that is true whether it is a farm or a shop or shares in a public company or whether it is rental property. So there is nothing remarkable, unusual or unorthodox about buying property and borrowing money to buy it – and if the interest loss is greater than the rent, being able to deduct that loss. | |
| Labor can’t add up, the prime minister says. | |
| 3.40am GMT | |
| 03:40 | |
| Oh, sorry, I get it. Blackmailed by people who have a legal right to seek Australia’s protection under the refugee convention. | |
| Those blackmailers. | |
| Peter Dutton: | |
| I’m not going to conduct a situation, not going to preside over a situation where we have people self harming to come to hospitals in this country because they believe that is the route out into the Australian community for Australian citizenship. | |
| 3.38am GMT | 3.38am GMT |
| 03:38 | 03:38 |
| Green Adam Bandt asks the prime minister about baby Asha. | Green Adam Bandt asks the prime minister about baby Asha. |
| Q: Do you agree with the doctors that detention harms children or are you waiting until after the election to deport babies and children to Nauru? | Q: Do you agree with the doctors that detention harms children or are you waiting until after the election to deport babies and children to Nauru? |
| Turnbull waves that to the immigration minister Peter Dutton. | Turnbull waves that to the immigration minister Peter Dutton. |
| We have been very clear and I repeat this today, because the people smugglers listen to every word spoken in this place, spoken by premiers and other leaders around the country, let me be very clear to these people. | We have been very clear and I repeat this today, because the people smugglers listen to every word spoken in this place, spoken by premiers and other leaders around the country, let me be very clear to these people. |
| We will not be held to ransom, we will not be blackmailed into changing this policy because this policy has resulted in lives being saved. And we are not going to retreat on what has been a successful policy. | We will not be held to ransom, we will not be blackmailed into changing this policy because this policy has resulted in lives being saved. And we are not going to retreat on what has been a successful policy. |
| (Blackmailed by whom? Anyone know?) | (Blackmailed by whom? Anyone know?) |
| 3.34am GMT | 3.34am GMT |
| 03:34 | 03:34 |
| Shadow treasurer, Chris Bowen, to Turnbull. | Shadow treasurer, Chris Bowen, to Turnbull. |
| Q: Will the prime minister rule out making any retrospective changes to negative gearing, yes or no? | Q: Will the prime minister rule out making any retrospective changes to negative gearing, yes or no? |
| Turnbull says tax policies will be considered and rolled out in the usual way. | Turnbull says tax policies will be considered and rolled out in the usual way. |
| He’s now onto the fantasy land of the Labor party where there is a hankering for a centrally planned economy and manifest threats to the economy. | He’s now onto the fantasy land of the Labor party where there is a hankering for a centrally planned economy and manifest threats to the economy. |
| 3.29am GMT | 3.29am GMT |
| 03:29 | 03:29 |
| The prime minister tracks back to negative gearing, and Labor’s policy. Wither house values. | The prime minister tracks back to negative gearing, and Labor’s policy. Wither house values. |
| Malcolm Turnbull: | Malcolm Turnbull: |
| Mr Speaker, every single Australian recognises that the bulk of most family’s assets are in their homes. It’s well over 65% across the board. So you knock that price down, you knock that value down, that’s what Labor’s proposing to do, cut out over a third of the demand, knock that price down. What does that do for consumer confidence? Are people going to go out and buy a new appliance, borrow money to start a small business, are they going to hire somebody if they see their greatest asset shrinking before their eyes at the hands of the Labor party? | Mr Speaker, every single Australian recognises that the bulk of most family’s assets are in their homes. It’s well over 65% across the board. So you knock that price down, you knock that value down, that’s what Labor’s proposing to do, cut out over a third of the demand, knock that price down. What does that do for consumer confidence? Are people going to go out and buy a new appliance, borrow money to start a small business, are they going to hire somebody if they see their greatest asset shrinking before their eyes at the hands of the Labor party? |
| Mr Speaker, every measure they propose is calculated to drive our economy into the ground! | Mr Speaker, every measure they propose is calculated to drive our economy into the ground! |