John Howard (Bennelong, Liberal Party, Prime Minister) Share this | Hansard source

I said:

Well I don’t seek to give guarantees, judgements about individual movements. My argument is that they will always be lower under our policies and that argument is supported by the last time Labor was in government and the impact of their industrial relations policies.

The truth is that under 13 years of Labor interest rates on housing averaged 12¾ per cent; under 10 years of this government they have averaged 7¼ per cent—five percentage points lower. Every homeowner in Australia over a certain age, their children and, in some cases, their grandchildren know that under the former government housing interest rates reached the astronomical level of 17 per cent. I believe that the government’s credibility as the parties in politics best able to deliver lower interest rates remains absolutely unchallenged.

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