Its all a bit embarrassing for the new Treasurer, trying to walk and lie at the same time is proving a bit much.

This is the problem when you have no credible economic or tax policy, asked on Sky News AM Agenda whether the Government would bring forward planned income tax cuts, Mr Frydenberg couldnt rule that out.

Mr Frydenberg got pinned today on Today running his normal scare campaign on Labors reforms on falling house prices, only to run into the reality that house prices have fallen significantly on his watch.

It remains an inconvenient truth that Treasury analysis sat on for years by Scott Morrison - has proven the Liberals are lying about Labors policy.

Scott Morrison and Josh Frydenberg are really struggling to take responsibility for decent house price falls, particularly in the Sydney and Melbourne housing markets.

Despite tweeting and referring to John Symonds extreme, ridiculous and contradictory claims over Labors reforms, not even Mr Frydenberg would endorse his claims that Labors reforms would lead to a recession.

This morning, Deloitte senior economist, Chris Richardson contradicted John Symond saying that Labors reforms were definitely non-nuclear and while they would have an impact, it doesnt matter if theyre good or bad policy, theyre not huge policy. Thats the thing that people keep forgetting. The Australian housing market is $7 trillion where the values or claim of rental properties are $11 billion a year on the tax system. The lever is too tiny.

In 2013 and 2014, well before Labor had outlined reforms to negative gearing and capital gains tax discount, Mr Symond had strongly called for a review and changes to negative gearing. All of that changed after Labor outlined its reforms ahead of the 2016 election.

Labor wants to level the playing field so all Australians can aspire and realise the dream of owning their own home.

Labors policy is fully grandfathered everyone who currently uses negative gearing can still use it.