An $85 million rail project and extension, we are committing $43 million of Commonwealth money to make it happen. This is going to transform this part of Adelaide. It's going to connect Flinders University, the medical centre to the Tonsley rail line. It's going to make it easier for students to get to and from the university. It's going to make it easier for the innovators to work together. It's going to improve the amenity, the liveability of this part of Adelaide.

$85 million invested in this rail link, the Flinders Link, as the Vice Chancellor just said, he is expecting $800 million of investment and 2000 more jobs. More residential development, more affordable housing, more innovation.

I just met with an outstanding company, Voxy Box, a South Australian company working here, innovating here with cutting edge 3D imaging. These are exciting times, these are great times for South Australia and for Australia.

With our national economic plan every element of which drives for jobs and growth. Every element of which is fully funded and this investment here brings together our Cities Plan for more liveable cities, backing the infrastructure that is going, the economic infrastructure that’s going to make a difference - driving the jobs and growth that we need right across Australia and right here in South Australia.

Building on our commitment to innovation and technology here in this State and right across Australia with our Defence Investment Plan, which is going to see some of the most sophisticated and advanced vessels and defence capabilities in the world being developed here in Australia. We are talking about this, this morning on the train, with some young engineers, excited about the prospects coming from all of this development and smart investment and investment in smart cities.

Now a key part of what we're doing here today with this rail investment is enabling the university and the private sector to build more housing, to improve, increase the supply of housing. This is a very important point because housing affordability is a big issue. We have not been building enough dwellings in Australia supply has not been keeping up with demand.

What governments can do is obviously zone more land for release and allow denser development but what it can also do is by making strategic investments of this kind, is ensure that the private sector has the ability to build more dwellings, as is going to be the case here, which are then connected with the right transport infrastructure, the right rail in this case to the city, and that increases supply of housing and makes housing more affordable.

Now that's what we're doing. What's the Labor Party doing? As you have seen today, the warnings from the real estate sector, the real estate agents. Who knows more about the real estate market than them? That is their business - that is their life's work. What they are saying is warning that Bill Shorten's reckless and dangerous experiment with the largest asset class in Australia will drive down home values and drive up rents.

There are 170,000 households in South Australia that are renting. All of their rents will be going up if Bill Shorten becomes Prime Minister. Everything he is proposing in his policies are going to disrupt and damage the property sector, drive up rents, reduce the availability of rental property and pull down the value of every home.

Everything we're doing on the other hand, every single element of our plan - whether it is our tax reforms, our sustainable reforms to superannuation, our incentives to business, whether it's investment in infrastructure, whether it's our affordable and fully funded investments in health and education, whether it's the export trade deals that of course are reaching out and ensuring we will have more foreign students coming here to Flinders, enabling that great export, that services export to grow and grow for the benefit of Australia - right across the board, everything we are doing, innovation, investment, technology, sustainable tax system, supporting business, everything we are doing is driving jobs and growth here in South Australia, here at Flinders, right across the nation.

JOURNALIST:

You are talking about housing affordability, you have given some tips in the last couple of weeks for young people - the infamous comments you made to Jon Faine the other week. What are your practical tips for young people who are in Adelaide, who are around the country, who want to get into the housing market but can't afford it at the moment?

PRIME MINISTER:

Well can I say everything we're doing, every single policy we are doing is driving jobs and growth. That’s jobs, good jobs and better jobs for all Australians. Our cities policy, as you are seeing today, in very practical terms, is going to make it easier for supply to catch up with demand and the way you improve housing affordability is by increasing housing supply. This is a problem created by a lack of supply of housing. There is plenty of demand but the supply response has not been enough. Yes.

JOURNALIST:

Following up on that, how do you feel about being described by Peta Credlin as ‘Mr Harbourside Mansion’ then?

PRIME MINISTER:

Well, everyone is entitled to their commentary. I’m focused on jobs and growth for all Australians.

JOURNALIST:

Are you worried about the perception though?

PRIME MINISTER:

I’m focused on jobs and growth and can I tell you? The Australians know the difference between the government I lead and the government Bill Shorten wants to lead. The government I lead is focused on them, it’s not focused on commentators - it’s focused on them. It’s focused on ensuring that our children and our grandchildren have great jobs in the future and now, it’s focused on ensuring that we get the economic growth that will enable us to enjoy our wonderful lifestyle in Australia now, and in to the years ahead. That’s my commitment. Our economic plan. Strong growth. More jobs.

JOURNALIST:

Prime Minister you said it was a good day South Australia, but it’s not so good for West Australia. The Treasurer there Mike Nahan handed down the worst budget deficit in the state’s history yesterday. He says part of that is due to the unfair carve up of the GST. He says the Federal Liberals in Cabinet, a record number of them aren’t doing enough for the state and his suggestion is that there needs to be more marginal seats over there. He says you can only put it down to one thing - more marginal seats in South Australia than in WA. Is it helpful to have a Liberal state treasurer effectively urge people to vote Labor to get a better deal on GST for WA?

PRIME MINISTER:

Let me say that Western Australia is a case, is a good case, an example of a state where the economy is transitioning. You have seen in Western Australia, massive investment in the mining construction boom and that has eased off as it was always going to do. And that is why it is vitally important that we have a clear national economic plan that ensures that our economic growth is stronger and more diverse. And so that's why you're seeing exporters right across Australia including in West Australia, taking advantage of our export trade deals. That is why you are seeing innovators that are taking advantage of our support for start-up companies. And that’s why you’re seeing businesses right across Australia, millions of them that will benefit from our reductions in business taxes that will give them the backing to invest more and employ more.

JOURNALIST:

Prime Minister, I understand there’s been an attack or an incident at our embassy in Baghdad. Do you have an update on that?

PRIME MINISTER:

I can't update you on that.

JOURNALIST:

Prime Minister, one of your ministers this morning, Michael McCormack spoke about you legitimising your prime ministership after winning this election, he said "I believe he does need to do that to ensure that the people have voted him in.” Do you feel the same way?

PRIME MINISTER:

Can I tell you I am focused on winning this election because it is vital for the future of Australia.

Bill Shorten represents a dangerous threat to our economy. Just think about it. This is what Bill Shorten is proposing to do. He is going to deter investment. Now all of us agree that we need more investment - that's what we're celebrating here today, the building of the rail line, extension of the rail line, and the hundreds of millions of dollars of new investment. And everybody here agrees that that is fantastic for South Australia, it's great for Australia, it's great for jobs.

What Bill Shorten is proposing to do is to ban negative gearing, which will reduce investment, reduce property values, and he's going to increase capital gains tax by 50%. Now capital gains tax is a tax on investment - that is what it is. He is going to increase the tax on investment.

Let me tell you, if you want less of something, tax it more. If you want more of something, tax it less. Bill Shorten clearly wants less investment.

You will notice he doesn't talk about jobs. He doesn't talk about growth because every policy he has is going to undermine economic growth and undermine jobs. And his assault on the property sector, his assault on negative gearing and capital gains tax, is a classic example of that. What consequence can it have other than a reduction in investment?

JOURNALIST:

Prime Minister isn't it concerning that there is a growing backlash against your superannuation policy, including among Liberal Party members? And if you stand by the policy, do you need to do more to explain the reason for the change?

PRIME MINISTER:

Our changes to superannuation are fair. They are going to make superannuation - they will reduce the very generous concessions of superannuation that are available to the very wealthy. So, there is no doubt people on very high incomes and with very large superannuation accounts will have to pay more tax. Ok? That’s the case we make no bones about that. But it will also mean that people earning, on low incomes up to $37,000 will not be paying tax on their super contributions. So that’s good. That’s fair. It will mean that women who are out of the workforce, men and women, but this will mostly be women who are out of the workforce for some years and then come back in will be able to catch up in their super contributions. It also means that people who are independent contractors or self-employed will be able to contribute to super in the same way as if they had a job paying a salary or a wage. And then finally it will also mean that people over 65 and under 75 will be able to continue contributing to super when they’re continuing to work as many of them are and that’s a good thing and we encourage it. So what we are doing is yes there are people on high incomes and with very large amounts of superannuation who will have to pay more tax. Yes that is right. Bill Shorten is criticizing that. He will have to explain how he justifies his criticism of our super reforms. They are clearly designed to make the system more sustainable and more fair but the beneficiaries are people on lower and lower middle incomes women and older Australians.

JOURNALIST:

Do you feel vindicated by the High Court decision on the Senate voting reforms this morning?

PRIME MINISTER:

Well the, the High Court’s decision is entirely as expected.

JOURNALIST:

Prime Minister, Jamie Briggs has said he hopes you’ll campaign in Mayo during the election campaign. Will you?

PRIME MINISTER:

The Adelaide Hills are a delightful place to campaign in and I look forward to returning to Adelaide and the beautiful Adelaide Hills.

JOURNALIST:

This is the first announcement of your official campaign, Prime Minister. What does it say about the seat of Boothby? Are you worried about the seat? And what does it say about South Australia?

PRIME MINISTER:

Today’s announcement speaks volumes about my commitment to cities and to economic growth. It speaks volumes about the commitment of our economic plan to ensuring that we have strong economic growth and strong jobs growth. Everything that surrounds us here today in this project, every single element of it as the Vice Chancellor described is going to trigger additional investment. More investment, more economic growth, more innovation, more jobs. That’s what this announcement speaks volumes about. It is about our national economic plan. It’s a plan for jobs for growth.

JOURNALIST:

Your opponent is on radio every morning and making multiple media appearances announcements. Is there something to be read into the fact that you’re doing one pay TV appearance tonight and one community radio event this morning? Can we see more of you on the campaign?

PRIME MINISTER:

I’m enjoying campaigning. I had a great trip down here on the train and an impromptu interview on radio which was good. Had some great discussions with the passengers on the train. It was a very good cross section. It included an older couple, where the gentleman, the husband was coming to the medical centre which of course access to will become a lot easier as they said, with the construction of this extension to the rail line. So they were very enthusiastic about it. There are also students and faculty of the university who were looking forward to a better connection. Nicolle Flint, of course, our candidate in Boothby, as you know was a student here, a graduate of Flinders University and she knows very well the problems of getting access to this, to the university, and how important this additional infrastructure will be.

So this is a great example, as I said, of investment that is smart, that is targeted and is going to ensure that there will be considerable additional investment. $800 million as the Vice Chancellor said. A lot more jobs - 2000 jobs. But from that will grow more investment in housing, more investment in innovation, more investment in technology. This is the future. What we are doing here, surrounding us here, we are building the platforms that will enable Australia to continue to growing and take advantage of the great opportunities of the 21st century. Every element in our plan – defence investment, innovation, cities plan, business tax reform, infrastructure that is fully paid for and funded – all of those elements come together and drive jobs and growth.

Thank you all very much indeed for being here.