Mr TURNBULL (Wentworth—Prime Minister) (14:27): The Labor Party's policy, as I said earlier, is confused, chaotic and contradictory. What it seeks to do is to make existing housing—established houses, which are obviously the vast bulk of the housing stock—less valuable by removing from the demand, from the buyers, in excess of one-third of buyers. From 1 July 2017, no investor could safely buy residential property in Australia if the Labor government introduces its policy, because, as I said, even if the level of interest or the level of debt that they have incurred to purchase that property is relatively modest— Mr Watts interjecting— The SPEAKER: The member for Gellibrand is warned! Mr TURNBULL: and the interest bill in the ordinary course of events is less than the rent— Dr Chalmers: Not even Abbott would have tried that! The SPEAKER: The member for Rankin is warned! Mr TURNBULL: they run the risk that if, for whatever reason—the absence of the tenant, a big bill for repairs or some other misfortune—that property returns a loss in any given year, that loss will not be able to be offset against their other income. That is the consequence of Labor's policy. Ms Henderson interjecting— The SPEAKER: The member for Corangamite will cease interjecting. Mr TURNBULL: It does not simply drive highly-leveraged investors out of the market. Ms Chesters interjecting— The SPEAKER: The member for Bendigo has been warned. Mr TURNBULL: It drives all investors out of the market, other than those who are prepared to take the risk that a loss on the property cannot be offset against their other income, which would hardly be rational. That is calculated, it is designed, to reduce the value of every single home in Australia. I ask honourable members to contemplate this. Let us contemplate a family whose mortgage is 70 per cent of the value of their home today. They look at the market. They see it is subdued. Yes, it has had a big run-up in Sydney, for example, but now it is jogging along a little bit below the rate of inflation. Labor comes along with this policy. Let us say house prices come down by 10 per cent. The honourable member for McMahon should well remember this, because in south-west Sydney prices came down, around the time of the GFC, by quite a bit more than that. But, if they come down by 10 per cent, that family have lost one-third of their net worth. And the honourable members opposite ask us to believe that that is not going to have any impact on their investment, on what they will spend. Mr Burke: No-one believes you. Ms O'Neil interjecting— The SPEAKER: The Manager of Opposition Business and the member for Hotham! Mr TURNBULL: We all know what will happen. The honourable member opposite, the member for Watson, who interrupts so frequently, owns two investment properties, both of which are geared. I do not know whether they are negatively geared or not. But he is very well aware of the economics of this matter. (Time expired) Mr Burke: Mr Speaker, I rise on a point of clarification. I thought I was the member for Watson in this chamber, so I do not know who he is talking about. It is completely wrong and made up. The SPEAKER: The member for Watson has other forms of the House available. Honourable members interjecting— Ms O'Neil interjecting— Mr Pasin interjecting— The SPEAKER: Members will cease interjecting. The level of noise is getting far too high. It was too high yesterday. The member for Hotham and the member for Barker are now both warned.