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

As I said, the standard variable home loan rate has fallen from 10.5 per cent when we came to office—what we inherited from Labor—to around 8.3 per cent today. That interest rate reduction would save around $449 per month in interest charges on an average new mortgage of $245,000. So there is all the evidence that under us interest rates are lower than they are under Labor, and that is proven empirically by our record in office and your disgraceful record in office.