Maria Kovacic (NSW, Liberal Party) Share this | Link to this | Hansard source

Home ownership has long sat at the heart of the Australian economy and is the national dream. It's something that I've spoken about many times. The economic mismanagement of this government has seen this dream slip further and further from reality for young Australians and has made life much more difficult for the over three million mortgaged households and small business borrowers.

While interest rate hikes hit all Australians hard, they exercise particularly harsh punishment against young Australians who are trying to get their first step on the nation's property ladder and those who have recently bought their first home. All Australian household budgets are being squeezed by higher mortgage repayments, including for those who rent, where they are passed on. Most mortgage holders are simply one rate rise away from being unable to sustain the pressure.

Let's be clear. The RBA's decision to steadily increase rates across this government's tenure from 0.85 per cent in 2022 to 4.35 per cent in July 2024 is the result of this government's home-grown inflation. And this government is delegating all responsibility for interest rates and inflation to the Reserve Bank. Why is the average Australian carrying the load? What about institutions and corporates? What about multinationals? Why aren't they sharing in this burden? Why are young Australians, mortgage holders and small businesses being forced to carry this on their own?

Restoring young Australians' faith in the dream of homeownership and easing the pressure on the three million mortgaged households across the country and on Australian renters must be a priority of this government. This government must stop the rising inflation and rising interest rates which are crushing everyday Australians. The government cannot continue to delegate this to the Reserve Bank.