Jim Chalmers (Rankin, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Prime Minister. Is the Prime Minister aware of any year when household debt was higher than it is now?

Scott Morrison (Cook, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I thank the member for his question on household debt. Household debt and the pressure it places on families continue to trouble the government. That is one of the reasons that we provided tax relief through this parliament when we were re-elected on 18 May—to ensure that we could take the pressure off families, particularly those on low and middle incomes, so that they could meet the increasing challenges on their household budgets, and of course a big part of that is what they owe. The good thing in Australia is that the assets coverage when it comes to household debt—the Treasurer, I'm sure, will correct me if I get this wrong—is about five times the debt coverage, and it is predominantly all within the housing sector.

If the shadow Treasurer thinks that there is a significant issue in terms of the creditworthiness of the Australian housing market, which underpins the credit position of Australians in this country, then he should say so. He should say that but he won't say that, because he knows it's not true. The shadow Treasurer, once again, is seeking to talk down the Australian economy and create anxiety about issues which are being well managed and conscientiously managed by Australians.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Prime Minister has indicated he has concluded his answer.