Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Hansard source

The only crushing that has occurred in the last 15 to 20 years in this country was when the Labor Party was in office and inflicted 17 per cent mortgage rates on Australian families, put a million people out of work and created one of the worst recessions we have ever had. Under our government, the reduction in mortgage interest rates since 1996 has saved a typical family $495 per month in interest payments on an average $220,000 home loan. Australians understand the difference between 7.17 per cent under us and 12.75 per cent under Labor.