"I don't turn around and say, you know, 'I'm a wealthy guy' because I don't automatically assume that the money my wife has made is mine." Treasurer Joe Hockey announced on Saturday that six homes will have to be sold some time in the next 12 months because the owners may not be complying with foreign investment rules. Credit:Alex Ellinghausen Mr Hockey's wife, Melissa Babbage, is a self-made millionaire who works in financial markets. She famously sold most of her family's financial assets a year before the global financial crisis hit because she was convinced the world was heading for the biggest economic event since the Great Depression. Mr Hockey came under fire last month for his comments about home ownership, which were made amid rising concern about housing affordability in Sydney and Melbourne. The Treasurer on Thursday also dismissed the Reserve Bank of Australia's call for a review of negative gearing.

The central bank has argued the policy could encourage debt-fuelled property speculation. But Mr Hockey said Labor - which is considering winding back elements of the tax regime – does not understand that 900,000 Australians who earn less than $80,000 a year use it to buy real estate. "This is a way for people on medium incomes to be able to get into the property market in a way that they may not be able to [otherwise]." Mr Hockey also said he was tired of making the case for an increase in the GST - and losing political skin for it - when state governments are the ones who would benefit from any change. All states would have to agree before any changes to the GST's rate or base could be made.

"Yesterday Daniel Andrews, the Premier of Victoria, said 'there's no way we're going to support any changes to the GST that increases the rate or broadens the base'," Mr Hockey said. "Well, it's game over." Speaking on 2UE radio, Mr Hockey said he was tired of state governments "getting a cheque" from the federal government without doing any work for it, and said they needed to "take the lead" on controversial discussions about tax reform. "Nearly 23 per cent of their revenue comes from the GST," he said. "We went through the process, all the hard politics of raising the GST, undertaking that reform, gave all the money to the states, now if the states want additional revenue they actually have to be party to the conversation."