QUESTIONS WITHOUT NOTICE

Senator WONG (South Australia—Minister for Foreign Affairs and Leader of the Government in the Senate) (14:59): Senator Bragg, you understand that the policy that was announced will enable people to still use negative gearing when they invest in a new build. But we have a situation where housing prices have diverged from incomes and have risen 400-plus per cent between April 1999 and April 2026, twice as fast as average incomes have risen.

Now, you might think that's alright, Senator. This is about housing affordability. Honourable senators interjecting— The PRESIDENT: Minister Wong, please resume your seat.

I'm waiting for order. Senator Bragg? Senator Bragg: On a point of order on relevance, President, the question was about the Prime Minister cutting off this opportunity for younger people.

The PRESIDENT: The minister is being relevant to the question, and, if there's silence in the chamber, I will be able to hear the minister more clearly. Senator WONG: I began my answer with a very clear answer, Senator, which is that negative gearing is still available to those who invest in a new build. But the fact that you made the interjection on relevance shows you don't understand the problem, because what I was reading out is the problem.

That is the problem. When you have a 400 per cent increase in housing values and they are decoupled to the extent that they are from income growth, then you lock young people out of the market. That is the problem we are seeking to fix.

The PRESIDENT: Senator Bragg, second supplementary?