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Wednesday, 4 May 2016
Page: 3558


Senator CAMERON (New South Wales) (15:15): What a pathetic, predictable performance from Senator Paterson. In terms of dealing with the economic issues, to say that we are not dealing with an economic issue when we are dealing with housing affordability just beggars belief. One of the biggest economic issues faced by any young family in this country, by any family trying to get ahead, is that of trying to afford to buy a house. If they are lucky enough, they scrape together a deposit for a house. Most young couples, now, have to rely on rental accommodation, with the rents going through the roof.

Not everyone can do what the Prime Minister did. He told Jon Faine the other day that he should 'shell out' for his kids because he is a 'wealthy man'. Not everybody can shell out to provide economic support for their kids. Too many Australians are battling to survive on their own, now. They just survive to put food on the table. If Malcolm Turnbull, the Prime Minister, is so out of touch that he thinks people can easily shell out to get their kids a home, so be it. Faine said, 'That's what my kids say: that I should shell out for them.' The Prime Minister said, 'There you go. You have the solution in your own hands. You can provide a bit of intergenerational equity in your own family.'

I think The Prime Minister has been providing some intergenerational equity in his own family. According to an article in Domain, the Fairfax real estate pages, on 6 July 2013, the PM's daughter, Daisy Turnbull Brown—then 28—had listed her Potts Point apartment, for sale, for offers over $3 million. It went on to say that Ms Turnbull Brown is a history teacher!

Senator Bilyk: Where at?

Senator CAMERON: I do not know where at, Senator, but I know that history teachers in New South Wales, after a number of years of experience, are on about $65,000 a year. But Miss Daisy Turnbull Brown is able to buy a subpenthouse, with knockout views of the harbour and city skyline, in 2008—she was then aged 23—for the pricey sum of $2.7 million. A history teacher. There was a bit of intergenerational equity getting moved in that one, because there is no doubt that Ms Turnbull Brown had no chance, under her own steam, of getting such a penthouse with stunning views.

People around the country just cannot do this. We know what is going on around there. We know the electorates with the biggest gains are in the top 10 electorates, with the biggest net rental losses. They are: Wentworth—the Prime Minister's; Curtin—Julie Bishop; Kooyong—Josh Frydenberg; Bradfield—Paul Fletcher; and on it goes. The top 10 suburbs, to get access to negative gearing and money from negative gearing, are all the well-heeled Liberal electorates. It is the surgeons, anaesthetists, lawyers, mining engineers and finance managers who are getting the benefit. It is not ordinary working people.

If you go to areas where I live, out in the western suburbs of Sydney, in Parramatta, the average wage is $51,303. They will not get one brass razoo, not one bit of tax relief from this budget. And what is the median house price in Parramatta? It is $1.042 million. Tell those people they should be supporting their kids to get into housing. Tell the people in Parramatta. Tell the people in St Clair, where the average income is $49,000 and the average house price is $620,000. Tell them negative gearing is a good thing. Tell them they should support their kids. I know what they will tell you: get real. Get in touch with the real-life people of this country and stop the nonsense that negative gearing promotes. (Time expired)