Jordon Steele-John (WA, Australian Greens) Share this | Link to this | Hansard source

The housing market in this country is completely broken, and first home buyers are one of the primary targets of this manufactured cost-of-living crisis, with interest rates putting so much pressure on them and making life so much harder. First home buyers are literally stuck in the middle of a federal government that is unwilling to implement the policies needed to relieve the pressure on their mortgages, a reserve bank which, at best, seems apathetic to their struggles as it continues to keep interest rates sky high and, of course, the big banks themselves, who care about nothing except their profits.

The big banks, particularly the big four, are crushing mortgage holders. As the housing crisis exploded, these banks made $30 billion in profit every year. Even when interest rates were low, the big four charged rates three per cent above the RBA cash rate, and, yes, they pocketed the difference. Now that rates have skyrocketed, they are cashing in. In fact, $400 from the average monthly mortgage repayment is pure profit for the big banks.

The Greens have a plan for the federal government to build 610,000 well-designed homes over the next 10 years. These would be homes that would be available to rent or buy at prices people could actually afford. We want to see the banks properly regulated and the ability for government to step in and provide rate relief for homeowners, young families and pensioners struggling to pay their mortgages.