Steve Hutchins (NSW, Australian Labor Party) Share this | Hansard source

My question is directed to the Minister for Finance and Administration, Senator Minchin. Is the minister aware that many families in the south-western suburbs of Sydney, who now face increases in their mortgage repayments of $50 or more a month, are also experiencing a fall in the value of their homes? Is the minister aware that people in the suburbs of Campbelltown, Pendle Hill and Windsor have all experienced an average drop of 10 per cent in the value of their homes in this year alone? Is he also aware that experts predict that with today’s rate rise these families face a further 10 per cent fall in the value of their homes? Having given the green light to this latest interest rate increase, hasn’t the Prime Minister ensured that these families will pay more for homes that are worth less?