Mr BOWEN (McMahon) (14:28): My question is to the Treasurer. Today the Treasurer said, in reference to Labor's negative gearing reforms: 'Obviously, those who are more engaged in negative gearing have higher incomes than those who are on modest incomes'. Is the Treasurer aware that that is the point? The SPEAKER: I will allow the Treasurer to address the question, but I again—for the last time—caution the member for McMahon.