QUESTIONS WITHOUT NOTICE

Senator WONG (South Australia—Minister for Foreign Affairs and Leader of the Government in the Senate) (14:00): I'm sorry, I meant to jump in earlier. Could I have an extra five seconds to just acknowledge the presence in the gallery of the Malaysian defence minister, Minister Khaled; Datin Sharrina, the high commissioner; and Tan Sri Johari, the Speaker of the House of Representatives of Malaysia.

Welcome to Australia, and I'm sure I speak for the opposition as well in welcoming you here. Honourable senators: Hear, hear! Senator WONG: I appreciate that.

I thank the Senate. Senator, in relation to your question, I think I've been through this a number of times. It is the case that the government indicated on budget night that there would be a number of issues that we would work through in consultation with industry and the community.

We have flagged very clearly that the first legislation which was passed contains the core architecture of the tax changes and that further tranches of legislation would follow, dealing with a range of issues of which one is the issue you have mentioned. It's an issue about the extent to which grandfathering is applicable and in which circumstances the provisions in relation to the grandfathering of people's existing tax arrangements continue.

We will certainly look at that. The Prime Minister has made that clear, and the Treasurer made that clear on Sunday. I think that is the answer, broadly, that I've given every time you have asked me the same question, Senator, but what I would say to you is that it does say something, I think, to all of us that you're not engaging with the content of the tax policy or the legislation which has passed, because you have, actually, no answer.

You have no answer on the simple fact that Australians know the status quo is not working when it comes to the housing market and that something needed to happen, and what has happened is that this government has put first home buyers on the level playing field and removed the advantages that investors had which meant people were priced out of the market—advantages which you clearly are intent upon retaining.

The PRESIDENT: Senator Duniam, first supplementary?