Luke Howarth (Petrie, Liberal Party, Shadow Minister for Defence Industry) Share this | Hansard source

This MPI today, moved by the member for Hume, the shadow Treasurer, is on the government's inaction as rapidly rising mortgage interest rates are devastating Australian families and households. Yesterday it was announced that mortgages would see their ninth consecutive rise and the seventh rise under the Albanese Labor government.

Australian homeowners are being crippled not just by rising interest rates and higher mortgage costs under Labor but also at the supermarket and at the bowser with petrol and diesel. The Albanese government failed to extend the discounts that the coalition government gave to people right around this country. Electricity prices are rising despite Prime Minister Albanese saying that he would cut electricity prices by $275. They've gone up, up and up. Now, gas bills and rent are huge.

What did Labor say about interest rates prior to the election? Right here, in my hand, I have Prime Minister Albanese's speech at the Australian Labor Party's federal election campaign launch in 2022 in the city of Perth.

The member for Perth was there; he might remember. Prime Minister Albanese said:

Thank you, Mark, for that kind introduction—

obviously speaking to the Premier—

and for all you've done to keep WA safe—

during COVID. You might have thought he'd thank the member for Cook for that as well, for the 700,000 jobs we saved during COVID, but no. He thanked Mark and he went on. In part of that speech—

Government members interjecting—

These members opposite all got elected in 2022. This is what the Prime Minister said:

Labor has real, lasting plans for cheaper electricity—

that hasn't happened—

Cheaper child care—

right. Okay. Even if I give you that one—

Cheaper mortgages.

'Cheaper mortgages', said Prime Minister Albanese. There you go.

That's not what the Australian people thought. 'Cheaper mortgages' is pretty clear.

On 1 May, this is what the Prime Minister said to Australians during the election campaign: 'We'll lower your mortgages.' This is what the Labor candidate in Petrie, his candidate in my seat, said: 'Queenslanders are getting smashed by the cost of living. We can't afford another three years of the member for Cook.' He named him. 'Queensland homeowners face having to find almost $400 a month', he complained, 'of mortgage repayments by Christmas, on average.' That's what Prime Minister Albanese's candidate said: $400 a month. We're now at $1,400 a month—not $400 a month; $1,400 a month. If the candidate for Petrie thought it was bad under the coalition government, what does he think about it now under the Albanese government?

I can tell you that mortgage increases have tripled. In some cases they are over $2,000 a month. The Prime Minister was being a bit cute in saying that he would lower mortgage and electricity costs, when neither of these things have happened. The Labor candidate also promised that mortgage costs would be lower under a Labor government than under a coalition government. The reality, for those in the gallery, is that mortgages have increased seven times since this government came to power.

The impact of that is very real for people in my electorate like Damien in Griffin: $1,000 a month extra. Another $12,000 a year. He says he's paid an extra $460 per fortnight, or $12,000 a year. Damien says, 'It's becoming unsustainable, and action needs to take place to stabilise lower rates.' Quinton in Murrumba Downs says, 'I'm a first homebuyer, and my repayments since Labor have come in are $1,700 a month extra, or $20,400 per year.' In gross wages that's $30,000 a year, all under the Albanese government. This MPI around the government's inaction as rapidly rising mortgage interest rates are devastating Australian families and households is 100 per cent true.

It's not just mortgages; it's also people renting. This morning I spoke to Daryl Margetts, from Scarborough, who's worried about his grandson Daniel, who lives in Clontarf, whose rent has gone up $50 a week. This is really important because, as interest rates rise, people need to be able to put up the rent. Thankfully, they still have negative gearing. If it was up to the member for Maribyrnong or the members for Grayndler, Franklin or Rankin, that all would've went in 2019 and people would not have been able to write off the losses. Shame on the Albanese government!

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