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

under the former government, the housing interest rate averaged 12¾ per cent. It peaked at 17 per cent—17 per cent! Can you imagine how many repossessions there would be now were it 17 per cent, Mr Speaker? Let me assure the member for Werriwa that any government would be concerned about any repossessions, but the proposition that housing affordability now is a function of the interest rate rises that have occurred since the last election is false. I notice that in this morning’s press there are a few things attributed to an interview given by the retiring Governor of the Reserve Bank. He had something to say about housing affordability when he appeared before the House of Representatives standing committee on 18 August. He was asked a question about houses being less affordable.—

See this speech in context