Michael Sukkar (Deakin, Liberal Party, Shadow Minister for Social Services) Share this | Link to this | Hansard source

My question is to the Minister for Housing. Goldman Sachs's Chief Economist Andrew Boak says the cash rate will rise five more times to 4.1 per cent over the next six months—they are one of many financial institutions to upgrade their forecasts following your budget. Isn't this proof that the budget was a missed opportunity that failed to deliver on the government's promises—the Prime Minister's promises—of cheaper mortgages for Australian families?

Julie Collins (Franklin, Australian Labor Party, Minister for Small Business) Share this | Link to this | Hansard source

As the member opposite well knows, interest rates are rising, and they started rising under the former government back in May because of what had occurred because of them prior to the election. In terms of our Help to Buy scheme, which the member is clearly referring to, that is a government equity scheme which we will be moving quickly to get up and running to make sure that Australians do have an opportunity to get into a home. We're talking about up to 30 per cent of government equity for existing homes and up to 40 per cent for new homes that will be available under the Help to Buy scheme.

Government Members:

Government members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! The minister has completed her answer, and I give the call to the member for Newcastle.

Government members interjecting—

The Leader of the Nationals is on a warning. The member for Newcastle will be heard in silence.