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The shadow treasurer, Tim Wilson, says Sydney house prices are “plummeting so fast that they are on track for the biggest crash in 40 years” in a question to the government.

The housing minister, Clare O’Neil, says the government was transparent about the changes in the budget, with Treasury modelling suggesting there will be 75,000 new owner occupiers and a “small and temporary slowing in house price growth”.

House prices grew 400% in the past 25 years, she says:

double quotation mark [Wilson] is accurate in one sense that house prices are softening across the country … this is the fourth time that we have seen this occur in a decade in our country.