Waleed Aly Goes After Malcolm Turnbull For Keeping Young People Out Of The Housing Market

This weekend Malcolm Turnbull held a press conference at a family’s home in Southern Sydney to announce the news he would be opposing Labor’s proposed changes to negative gearing and the capital gains tax. The family — Julian (a plumber), Kim (a social worker), and their young child — were there as an example of the good these policies can do for everyday people; proof that the PM was making the right call.

“They bought another apartment here in Penshurt which they are negative gearing,” Turnbull said grandly. “It is costing Julian — he is deducting $300 a week on that. He has done that in order to buy a place for his little daughter Adison who is nearly one. He can’t afford to do that if Labor’s reckless housing tax was ever implemented.”

And, just like that, the Prime Minister spectacularly proved the point being argued by all of his opponents: the obstacles to home ownership in this country are surreally horrific. Young and underprivileged people are now being forced to compete for their homes with not only smug Baby Boomers, but also lucky one-year-old babies whose parents were lucky enough to get an in on the current system at the exact right time.

On tonight’s episode of The Project, Waleed Aly and the show’s supervising producer Tom Whitty broke this down a bit further for you in a detailed editorial. (Yes, they explained negative gearing one more time as well).

Taking a big stand for Labor’s proposal to limit negative gearing and increase the capital gains tax, Aly said it was essentially a plan to “make houses less of an investment option for the rich, and more of a home”. He cited independent modelling on the plan which called it “the biggest housing affordability policy the country has seen”. Then, noting the biggest fans of negative gearing live in the Prime Minister’s electorate, he criticised Malcolm Turnbull for turning his back on the measures.

“Your grandparents and parents will tell you that it’s always been hard to buy a house, and they’re right,” he said. “But it’s never been this hard. Let’s go time travelling. It’s 1960, an average house cost your grandparents 1.6 times their household income. In 1985, it cost your parents 2.25 times their household income. And right now, when you want to buy your first home, the cost of the average house is roughly 4.3 times household income. Which is amazing considering so many more houses have two incomes now. So good luck if you’re single.”

“Basically Bill Shorten is the equivalent of the complaining neighbour who calls the cops and says the music’s too loud. He’s poking his head over the fence and saying the party has to stop and it’s not just because he prefers Neil Diamond. He’s saying things have got out of control, and he’s selling us common sense. Moderation. Tax reform. All really boring things, which is a problem. Because I’ll be honest, if Bill Shorten was my local car salesman, I’d probably buy a boat. And that’s a big call because brown people on boats aren’t particularly liked in this country.”

Incredible call there, by the way.

“All I’m saying is, Bill’s saying ‘shut the party down’, and we all know, no real Aussie likes a party pooper. That’s until you realise that unless you’re a baby boomer, or apparently an actual baby, you’re not invited to this party. For the last 17 years, investors have been partying like it’s 1999, but it’s time we shut the party down.”