Mr TURNBULL (Wentworth—Prime Minister) (14:54): I thank the honourable member for his interesting wander through the press gallery. We started off with Lenore Taylor; now we have moved on to Paul Kelly. We only have 15 minutes left in question time, he is going to have to hurry up because he will leave a lot of disappointed reporters and commentators if he does not get to them. A government member: What about James Jeffrey? Mr TURNBULL: Yes, what about James Jeffrey? What about Denis Shanahan? David Crowe? Samantha Maiden? Laura Tingle? Malcolm Farr—what about him? A government member: Laurie Oakes. Mr TURNBULL: Yes. He has left Laurie Oakes off the list. That is a very big call. This is the fundamental issue: the Labor Party talk about evidence based policy—fair enough. Where is their evidence that reducing the demand for existing housing by at least a third is not going to affect prices? It beggars belief. There may be some strange new factor of which we are not aware, some sort of magical economics that only the shadow Treasurer is alert to. There may be something that the member for Fraser has come up with, as he has made his journey from rational economist to political apparatchik. There may be something that we do not know about but they really should produce it, because Australians are pretty shrewd about property prices. They pay a lot of attention to them. They should because it is their biggest asset. They know that if you take a third of the buyers out of the ring, prices will come down. Everybody understands that. That is what markets do. Everybody understands that except for the Labor Party. Mr Dutton: And Mark Latham. Mr TURNBULL: The current Leader of the Opposition, Mr Shorten, is following in the distinguished footsteps of Mark Latham, another great economic wizard who also proposed a similar idea, I am instructed. Mr Dutton interjecting— The SPEAKER: The minister for immigration! Mr TURNBULL: The fundamental point is this: Labor are putting the value of Australians' homes at risk. If you remove a third of the buyers, a third of the demand, how can anyone seriously believe it will not result in lower prices? That is how prices are set. When there are more buyers and no more sellers, prices go up. When there are more sellers or fewer buyers, prices go down. What Labor do not recognise is that they are tampering with the most important asset of every Australian family. (Time expired)