Mr TURNBULL (Wentworth—Prime Minister) (14:09): I think we can say, without any doubt, that the member for Sydney has abandoned every characteristic of a shadow foreign minister. Here we have, today, the defence white paper covering some of the biggest strategic issues of our time, canvassing the issues and challenges of regional stability—the South China Sea foremost in everybody's mind. Mr Danby interjecting— The SPEAKER: The member for Melbourne Ports is warned. Mr TURNBULL: No questions from the shadow minister for foreign affairs on that; no questions from her on the cyclone in Fiji and our response to that. Simply, one cheap shot—the first cheap shot from the Leader of the Opposition and then a cheap shot from his deputy. On a day when the Australian people are concerned, legitimately, about their defence, their security, and they are focused on the defence white paper—the massive investment that is being undertaken to secure our safety and our safety for decades to come—does the opposition have any interest in that? Apparently not. They are simply complaining about what they describe as a 'scare campaign'. Mr Dreyfus: Your cheap shots. The SPEAKER: The member for Isaacs will cease interjecting. Mr TURNBULL: On the question of scare campaigns, let me simply remind honourable members of these very simple facts. Housing is the largest single asset class in Australia. It represents most of each Australian family's net worth. Under the Labor Party's plan, from 1 July 2017 investors will not be able to offset their rental losses against wage and salary and, presumably, other personal professional income. So that will remove for residential housing, we estimate, based on the percentage of loans made in December, something in excess of a third of the buyers. That can only have the effect of reducing housing prices. Reduce the number of buyers and prices will come down. That is not a scare campaign. That is economics 101.