Jane Hume

And that's explicit.

It's explicit on page 158 of the budget.

It says that these taxes will reduce the number of houses being built by 35,000 and at the same time will push up rents

on average around $2 a week, but considering that the tax return that you're getting from this, you know, working age, what is it, tax offset, the... Waito.

The Waito, is only going to be less than $5 a week.

Essentially, around half of anything that is returned to you will be eaten up with high rents.

I don't think that's good news for young Australians who are saving for their home, who are now going to be taxed more on their savings.

And are going to have fewer houses and higher rents.

There was also a dissenting report to that committee.

And I think that you'll find that the coalition senators made it very clear that if you tax something more, you get less of it.

And that makes perfect sense.

That's behavioural economics.

And, of course, when you change taxes on houses, you get...

Fewer houses.

That was our concern from the very beginning.

We said to Jim Chalmers, what is it that you can see that we can't?

And he's actually said, no, he agrees with us.

18 months ago, he said that he had seen no evidence that changes to capital gains tax or changes to negative gearing would increase housing supply.

But clearly, and he was right, nothing has changed.

Nothing has changed.