SBS THE FEED

27 Sep 2018

LAURA MURPHY-OATES:  Joining us now to talk about this in a little bit more of an official interview is Shadow Housing Minister Labor Senator Doug Cameron.

 

Senator we will chat about negative gearing in a second but first it’s been a tumultuous few days at the ABC, the Managing Director Michelle Guthrie has been fired, and there has been reports today Chairman Justin Milne tried to have a senior journalist sacked because the government didn’t like her reporting. Should the Chairman stand down?

 

SENATOR DOUG CAMERON, SHADOW MINISTER FOR HOUSING AND HOMELESSNESS, SHADOW MINISTER FOR SKILLS, TAFE AND APPRENTICESHIPS: I certainly think he should. This is not the old Soviet Union, it’s not Russia where the news is controlled, this is a public broadcaster the ABC and what the chairman did was outrageous.

 

We have seen the Coalition put their mates and their apparatchiks into the ABC, they have put them into the Registered Organisation Commission, they have put them into all these so called independent organisations and then they try and manipulate outcomes.

 

It’s outrageous, this guy should go, it’s not acceptable what he has done.

 

MICHAEL HING: Senator Cameron the Coalition is launching an inquiry into potential interference at the ABC. Can the government conduct an independent investigation?

 

CAMERON:  No they can’t. These are the people that put this guy in there; he is the one that said a journalist should be sacked. You must have an independent analysis of this – not what the government is trying to do.

MURPHY-OATES: Moving onto housing, Labor announced its policy on negative gearing in 2016 but we are in a completely different situation now. Is it responsible to heap even more downward pressure on an already cooling market?

 

CAMERON:  Well I don’t buy the argument that we are heaping pressure on.

 

Negative gearing and capital gains tax has been used by investors to buy their fourth or fifth property and what they are doing is bidding against young people trying to buy a home.

 

All that’s happening is these young people are actually subsidising the investors. We don’t think it’s right, we think there is long term change required and this is a long term economic strategy to make things more equal and to do the right thing by young people in this country.

 

HING: But many Australians financial stability depends on the housing market and some economists reckon prices could drop another five percent nationally in the next year so shouldn’t Labor be more flexible in these circumstances?

 

CAMERON: No, we have got a long term view as to how this should operate. I don’t think there is too many people absolutely dependent on the housing market unless that is where they have invested all of their superannuation or all of their income and if they have done that they have nobody to blame but themselves.

 

What’s happening in Europe is that families invest in a range of industries, they don’t just invest in housing and we have really made a situation here where income inequality, intergenerational income inequality, is a huge problem for young people because they can’t get into the housing market.

 

We want to change that. We want to ensure that young people get a fair go and that all the profits shouldn’t be going to the Eastern Suburbs, the North Shore and dentists and surgeons who invest in negative gearing and capital gains tax.

 

MURPHY-OATES: So Senator you speak of young people, your negative gearing changes won’t affect people who already have investment properties including yourself – correct me if I am wrong that you have three properties - so are you preventing young people from enjoying the benefits that you had?

 

CAMERON: No I am not preventing anyone from doing that at all. What we have said is if you have invested in negative gearing you stay there now, you can continue to get those benefits but if you invest in an investment property in the future it’s got to be a new investment property, it’s got to add to the housing stock and it’s got to make accommodation available for people trying to get into the market.

ENDS

Authorised by Noah Carroll ALP Canberra