In a crushing blow to the little credibility Josh Frydenberg has left, the prudential regulator APRA has supported Treasury evidence given to the Senate Economics Estimates Committee meeting that the Government commissioned no modelling on the impact of APRAs macro prudential measures on house prices.

SENATOR CHRIS KETTER: Mr Byers, firstly just on the issue of the macro prudential work that has been done. Weve heard that the Treasury conducted no specific work to determine the impact of the macro prudential policies on house prices. Is the Chairman aware of the existence of any modelling of the direct impact on housing prices from your macro prudential measures as they were being considered at the time?

WAYNE BYERS: No.

APRAs macro prudential measures were often described by then Treasurer Scott Morrison as taking a scalpel to the housing market.

From their peak, house prices have fallen in Sydney by 12 per cent and in Melbourne by 9 per cent.

The Liberal Party is fond of getting Treasury to analyse and model Labors tax policies and our reforms to negative gearing and the capital gains tax discount well they have been utterly and recklessly exposed for not having modelled house prices falls resulting from government policies, on their watch.

Scott Morrison and Josh Frydenberg have been the chief cheerleaders on these measures and their impact on house prices, its time they took responsibility for the falls in price, and its also time they dropped the shrill and negative scare campaign on Labors policies.