Mr TURNBULL (Wentworth—Prime Minister) (14:31): We respect the intelligence of the Australian people by considering fundamental changes to the tax system carefully, with full analysis and with due diligence. We do not respect the intelligence of the Australian people, nor do we discharge our responsibilities appropriately, if, as the Labor Party has done, we were to rush into proposing changes without understanding the consequences of them. What the Labor Party has proposed, in terms of its changes to negative gearing, undermines the value of the largest single asset class in Australia. It undermines the value of every Australian home. It will, as the member for Sydney observed a moment ago, ensure that hardworking Australians on average incomes—a nurse, a teacher, a police officer—will not be able to buy an investment property, a residential property, and rent it out, and offset their net rental loss against their income. Ms Plibersek interjecting— Mr TURNBULL: The honourable member for Sydney says, 'No; they should be happy just to buy a residence.' So only the wealthy who can negative gear against their investment income will be able to buy existing residential properties under the policies of the Labor Party. Ms Plibersek interjecting— The SPEAKER: I remind the member for Sydney that she has already been warned. Mr TURNBULL: That is the consequence. That is what happens—that bizarre and inequitable outcome—when political parties, when governments or, indeed, oppositions in this case, formulate policies without carefully examining them. As we have heard from the Treasurer, we know that his counterpart, the member for McMahon, has been working on this negative gearing plan, apparently, for 18 months. But we also know that the Leader of the Opposition knew nothing about it. So, clearly, this is a policy that was ill-thought-out. It was not well prepared. It did not respect the intelligence of the Australian people. Perhaps it said more about the intelligence of those opposite. The SPEAKER: The member for Grayndler will cease interjecting, as will the Leader of the House. I am going to remind the member for Sydney— Mr Pyne interjecting — The SPEAKER: The Leader of the House will cease interjecting. The member for Sydney has been warned. It is her final warning. The member for Perth and the member for Wakefield interjected right throughout the Prime Minister's answer. The only reason I did not pull them up was I did not want to interrupt the parliament every time they interjected. They are both warned.