Essential Research and Australian Bureau of Statistics

Kelly O Dwyer: Assistant Treasurer Kelly O'Dwyer told the Nine Network on Wednesday that Labor policy was irresponsible because it would "increase the cost of housing for Australians, for those people who own a home and for those people who would like to get into the housing market". She later put out a statement saying: "The point I was making is that under Labor policy there will be increased demand for new property, pushing up prices for new property.""It is clear from Labor ill-considered policy that existing house prices will decline," she said, according to Nine News Australia. Opposition Leader Bill Shorten said the coalition under Mr Turnbull was chaotic."The real issue here is that the government running a scare campaign which even their own ministers can't keep to," Mr Shorten said. Mr Turnbull says Labor plan to limit negative gearing to new homes and wind back capital gains tax concessions will force down house prices, making every home owner poorer. Mr Turnbull told reporters the policy would clearly result in "downward pressure on housing prices"."It will be a shock to the market and it will have the inevitable consequence of a decline in housing prices, housing values and all of the flow-on negative economic consequences of that."In question time, Mr Turnbull went on the attack accusing Labor frontbencher Tony Burke of owning two geared investment properties."He is very well aware of the economics of this matter," Mr Turnbull said. Mr Shorten defended Labor policy saying no party could hope to govern unless it was prepared to deal with tax reform and "creating a fair system for all Australians". He said young people would be able to buy their first home under Labor plan.© AAP 2016Politics Send your photos, videos and stories to can remain anonymous. However, the prime minister later withdrew the suggestion after being told Mr Burke had sold his properties and this had been declared on the parliamentary interests register. (news.financializer.com). As reported in the news.