Kevin Rudd (Griffith, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. Will the Prime Minister confirm that official Reserve Bank figures demonstrate that the proportion of household income consumed by mortgage interest payments is already 50 per cent higher today than the peak achieved under Prime Minister Keating?

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

Without having the Reserve Bank figures with me, I do not intend to say yes or no to that, but I can say that interest rates were much higher under Prime Minister Keating. I can also say that the value of homes is much higher now than it was under Prime Minister Keating. I can also confirm for the gentleman who sits opposite that, under this government, as a result of the very low interest rates that we have enjoyed over recent times, people have borrowed and invested in more expensive homes and more expensive assets. As I say, without having the figures with me, I am neither going to confirm nor deny it but rather state those facts.

Kevin Rudd (Griffith, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

I seek leave to table the RBA bulletin statistical table which shows 9.1 per cent of household finances going on housing interest payments in September 2006 compared with 6.1 per cent in September 1989.

Leave granted.