QUESTIONS WITHOUT NOTICE

Mr ALBANESE (Grayndler—Prime Minister) (14:13): The figures that the Leader of the Opposition asked about are, of course, in the budget, and the changes that we made—the budget made no changes for people who already negatively gear property. Arrangements that were in place up to budget night remain grandfathered. Going forward, negative gearing and the 50 per cent capital gains tax discount can still be used for investment properties on new builds, so, when people choose to invest in housing, they're not just investing in their future wealth and assets; they're investing in the future wealth and assets of the nation.

I note the question went to new builds. It's already making a difference. Investors are borrowing to build more new homes than ever before.

Indeed, the Herald Sun reported that Aussie property investors notched a record number of loans for the construction of new dwellings in the June quarter. ABS data shows an unprecedented 8,468 investors signed up to build a new home in the June quarter—454 more than the previous record that was set in the previous three months. It also came with a record of $5.99 billion in loan value being borrowed for the builds—more than $1.32 billion above the same time a year ago.

It said it very clearly. A range of the developers who'd be members of the Property Council that the Leader of the Opposition has asked about—Mirvac know something about new builds. This is what their CEO of development had to say: 'We've seen inquiries pick up.

We do expect there will continue to be a demand from investors, particularly because of the way in which those tax settings favour new build product.' The CEO of development from Stockland—Stockland built a few homes in this country—said, 'We think the changes towards new built product from a tax policy setting will support the new build part of the market,' which is precisely what it was aimed at doing.