Andrew Bragg (NSW, Liberal Party, Shadow Assistant Minister for Home Ownership) Share this | Link to this | Hansard source

My question is to the Minister for Finance, Senator Gallagher. What is the current rate of mortgage stress in Australia?

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

I thank Senator Bragg for the question. We know that Australians are doing it tough, particularly those with mortgages. I don't think it's any surprise that that would be the case after the interest rate increases that actually started under you, which is conveniently forgotten every time this is raised by you. But that has had an impact—

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

Take responsibility.

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

We take responsibility for the decisions the government makes, and we are doing that, which is why we are providing tax cuts, energy bill relief, cheaper medicines, investments to reduce student loans and support for wage increases, which those opposite consistently and repeatedly oppose, in order to make sure that households are given as much support as the government can provide them during this time. We recognise that households are under pressure and that particularly those with large mortgages are feeling the impact of those interest rate increases. We acknowledge that, which is why our cost-of-living measures, most of which you have opposed, have been calibrated and targeted to support those households as they are experiencing these tough times. So we are obviously making sure we do everything we can, in a time of higher inflation than we would like, so our decisions have to be—

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

Minister Gallagher, please resume your seat. Senator Birmingham?

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

Point of order on direct relevance: Senator Bragg's question was very precise about the rate of mortgage stress in Australia. Senator Gallagher has come nowhere close to addressing the precise question. If she's unable to answer then this is the type of question the minister should acknowledge and take on notice.

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

Thank you, Senator Birmingham. There were also interjections, but I will draw the minister back to that part of the question.

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

Well, I am being directly relevant. I'm acknowledging that there are many households across Australia that are experiencing stress, particularly linked to their mortgages. I've already said that. Thanks for the patronising instruction from Senator Birmingham, but I have acknowledged—

Opposition senators interjecting—

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

Minister Gallagher, I need you to withdraw that comment.

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

I didn't realise 'patronising' was unparliamentary, but I withdraw.

Opposition senators interjecting—

No, I genuinely didn't. I'm sure I've heard it being yelled—

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

Senator Gallagher, it was a direct—

Honourable senators interjecting—

Order! Take your seat, Minister Gallagher. That was a personal reflection on Senator Birmingham, so, as a personal reflection, you have withdrawn that. Senator Hume, I believe you then interjected with a personal reflection, which I will ask you to withdraw.

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

I withdraw.

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

Thank you, Senator Hume. Minister, please continue.

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

I would use this time to just remind people that, if they are experiencing mortgage stress, they can engage with their lender and should engage with their lender where arrangements can be made. (Time expired)

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

Senator Bragg, first supplementary?

Andrew Bragg (NSW, Liberal Party, Shadow Assistant Minister for Home Ownership) Share this | Link to this | Hansard source

I'm not sure we got the answer as to what was the rate of mortgage stress, but we'll try something else. The comparison website Finder found recently that 13 per cent of mortgage holders had extended their home loan in the last 12 months. So, Minister, what guarantees can you give Australians who are already struggling to pay their mortgages and are also extending their mortgages that they won't face a 13th mortgage rate increase under Labor?

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

The government has taken decisions to support households and to work hand in hand with the Reserve Bank as they have been undertaking their tightening of their monetary policy, and our decisions are supportive of that work. That is why we are able, within the room we've found in the budget, to provide targeted, calibrated cost-of-living support to help households. We acknowledge that people are doing it tough. That is clear, and the government has a serious responsibility to do what it can to put downward pressure on inflation where our decisions impact and make sure that the decisions we take support households, which is exactly why we revised the tax arrangements because, if we had not revised them and changed them—changes that those opposite wanted to call an election over originally—thousands, or millions, of workers, would have missed out on a tax cut on 1 July. So we— (Time expired)

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

Senator Bragg, second supplementary?

Andrew Bragg (NSW, Liberal Party, Shadow Assistant Minister for Home Ownership) Share this | Link to this | Hansard source

Minister, you've just cited those income tax changes, but how much does the average mortgage holder have left from those changes after they've paid the costs of rampant inflation, high mortgage rates and sky-high energy bills, let alone the prospect of further rate rises? How much worse off are Australians going to be under Labor's so-called relief?

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

Well, they'll be better off than they would have been under you, Senator Bragg, because your—

Opposition Senators:

Opposition senators interjecting—

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

Well, that is the answer, and you have opposed our other sensible cost-of-living measures. Let us not forget that, when it came time to vote, you all voted against the energy rebates. Just remember that. When we were trying to help households, you said no. When we wanted to revise the tax arrangements, you wanted to call an election over it. Remember that? We had your deputy leader in the other place saying that they wanted to go back to the drawing board. We had Senator Hume saying, 'Nothing's off the table.' We remember when you said no to providing relief across Australian households, because we have looked at every way that we can provide responsible cost-of-living relief in a way that supports households but puts downward pressure on inflation, something the bank has also acknowledged, with our energy rebates. (Time expired)