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

I would just point out to the Leader of the Opposition in the Senate that, under our government, the standard variable home loan rate has fallen from 10½ per cent in March 1996 when we came to office to around 8.3 per cent as of the latest interest rate increase. That interest rate reduction from 10½ per cent to 8.3 per cent would save around $449 a month in interest charges on an average new mortgage of $245,000. In other words, home borrowers are better off as a result of our government than they were under the last Labor government because of the interest rate reductions we have managed to achieve.