Jane Hume (Victoria, Liberal Party, Shadow Minister for the Public Service) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Farrell. How much more per month will a family with a $750,000 mortgage have to pay as a result of today's interest rate increase?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Hume. Of course, the independent Reserve Bank board has today raised interest rates, regrettably, by 25 basis points, taking the official cash rate to 4.35 per cent. Of course, we understand that today's decision will hit Australians hard. The price pressures that we face are coming at us from around the world, but they're hitting the hip pockets of ordinary Australians the hardest. That's why our highest priority is rolling out the $23 billion in cost-of-living relief.

Sue Lines (President) Share this | Link to this | Hansard source

Minister Farrell, please resume your seat. Senator Hume?

Jane Hume (Victoria, Liberal Party, Shadow Minister for the Public Service) Share this | Link to this | Hansard source

On relevance, Madam President: the question was quite specific. For a family with a $750,000 mortgage, how much more per month do they need to pay after today's rate rise?

Sue Lines (President) Share this | Link to this | Hansard source

I will draw the minister to your question. Thank you, Senator Hume.

Honourable senators interjecting—

And I will remind senators across the chamber that the minister has the right to be heard in—

Senator Pratt, I just called the Senate to order.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I don't have the specific figures on that amount of money, but I can tell you, Senator Hume, that, following the RBA's decision, the monthly repayment on the average existing $360,000 loan balance would increase by $57 a month, to $2,569.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Hume, first supplementary?

Jane Hume (Victoria, Liberal Party, Shadow Minister for the Public Service) Share this | Link to this | Hansard source

How much more, Senator Farrell, will a family with a $750,000 mortgage be paying each year on their mortgage payments compared to when you came to office?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I think I said in my previous answer, Senator Hume, that I didn't have the figure on that.

Jane Hume (Victoria, Liberal Party, Shadow Minister for the Public Service) Share this | Link to this | Hansard source

It's in the newspapers today.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Well then, why are you asking me the question if you already know the answer? Why are you wasting our time? I can go to the figure for a $360,000 loan—

Honourable senators interjecting—

Sue Lines (President) Share this | Link to this | Hansard source

Minister Farrell, please resume your seat. Order! Minister, please continue.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I can go to the figure of a $360,000 loan. That would increase the figure to $2,506—

Honourable senators interjecting—

Sue Lines (President) Share this | Link to this | Hansard source

Minister Farrell, please resume your seat. I will come to you, Senator Birmingham, but I am going to ask for order. Senator Hughes, I just called the Senate to order, and the minute, almost, that the minister got back on his feet you were interjecting very loudly. That is very disrespectful. Senator Birmingham.

Simon Birmingham (SA, Liberal Party, Shadow Minister for Foreign Affairs) Share this | Link to this | Hansard source

President, a point of order: the minister was asked very clearly about the increase Australians are facing throughout the life of the Albanese Labor government. It defies belief that he doesn't have something in his briefing that indicates how much more people are paying under the Albanese Labor government. Isn't it $24,000 a year?

Sue Lines (President) Share this | Link to this | Hansard source

Senator Birmingham, please resume your seat. That is not a point of order; it's a debating point.

Honourable senators interjecting—

Order! Thank you. Order! I invite all of those senators who wish to debate this to make themselves available at the many opportunities during the rest of the week, not during question time. Minister, please continue.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Can I say to Senator Birmingham that it's not helping those people who've got this extra cost to—

Michaelia Cash (WA, Liberal Party, Shadow Minister for Employment and Workplace Relations) Share this | Link to this | Hansard source

You don't know what the cost is! You don't know what it is!

Sue Lines (President) Share this | Link to this | Hansard source

Senator Cash!

Simon Birmingham (SA, Liberal Party, Shadow Minister for Foreign Affairs) Share this | Link to this | Hansard source

It's your job to help them, Don! You're the government; it's your job to help them!

Sue Lines (President) Share this | Link to this | Hansard source

Senator Birmingham, order!

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I've reported the figures that I have available. It's very clear that the 0.25 per cent has gone up, and those figures can easily be calculated.

Opposition senators interjecting—

The:

Senator Birmingham, order! Senator McGrath, order! Senator Hume, second supplementary?

Jane Hume (Victoria, Liberal Party, Shadow Minister for the Public Service) Share this | Link to this | Hansard source

To save Minister Watt from using his fingers, the answer is somewhere between $22,000 and $24,000 a year more. Will you, Senator Farrell, agree or disagree that it is your government's responsibility to bring inflation down?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I agree, and that's exactly what we are doing. On that note, I will ask that further questions be put on the Notice Paper.