Poor old Slomo.

It was only a couple of years ago he was arguing within his party to rein in the excesses in negative gearing, only to be rolled by his Cabinet.

But now in a last ditch desperate bid to save his failing Government he is at it again peddling lies about Labors negative gearing reforms.

Today the Prime Minister has told the Daily Telegraph that Labors negative gearing policy will torpedo and have a massive impact on the housing market.

This follows his claims when he was Treasurer that negative gearing would take a sledgehammer to the market, a statement directly contradicted by his own Treasury department that said the price changes are likely to be small.

The problem for our new Pinocchio Prime Minister is that the experts are now lining up to slam these claims.

Just today respected housing market analyst Martin North of Digital Finance Analytics has called Morrisons comments alarmist.

In one of the most stinging rebukes to Mr Morrisons credibility Martin North goes on to say that Morrison is, I think, trying to deflect attention away from five years of bad housing and economic policy and This is playing politics, not dealing with the core issues we face, which is how we manage the mortgage debt bomb, as mortgage stress rises

Ouch. The truth hurts.

Morrison cant escape the facts that the record of his government over the last 5 years is a housing affordability crisis and record household leverage, Australia now with the second highest household debt in the OECD.

Labors reforms to negative gearing and the capital gains tax discount are responsible, fair, well calibrated, and fully grandfathered.

They will help put first home buyers back on a level playing field, will take some of the load off APRA macro prudential policies and over time will ensure that tax system doesnt encourage excess leverage which puts Australias macroeconomic stability at risk.