House debates Questions without Notice
Interest Rates
Angus Taylor Hume, Liberal Party, Shadow Treasurer
2:39 pm
My question is to the Prime Minister. How many Australian households are set to face higher mortgages this year when they move from fixed-rate loans to variable-rate loans?
Anthony Albanese Grayndler, Australian Labor Party, Prime Minister
We very much understand that the pressure, when it comes to increases in interest rates, has an impact on families and households. We understand that, which is why we are undertaking measures to take pressure off the cost of living. It is why we introduced cheaper pharmaceuticals, why we've introduced fee-free TAFE and why we will have cheaper child care on 1 July. For many Australians who do have fixed rates, they will be impacted when those fixed rates end, whenever that is—whenever the particular arrangements that they have as individuals with their financial institutions end. So we know that this is an issue, and that is why we are doing all that we can, just as we did last October, to produce a responsible budget.
Unidentified interjection - Hansard doesn't record who said this
Opposition Members:
Opposition members interjecting—
Milton Dick Speaker
The member for Page! When members on my left remain silent, I'll take the point of order.
Angus Taylor Hume, Liberal Party, Shadow Treasurer
If this were a priority for the Prime Minister, he'd know the answer to the question.
Milton Dick Speaker
Resume your seat.
Opposition members interjecting—
Order! Members on my left! Before the Prime Minister—
Opposition members interjecting—
The Deputy Leader of the Opposition! I won't rule on the point of order. I call the Prime Minister.
Anthony Albanese Grayndler, Australian Labor Party, Prime Minister
Thanks, Mr Speaker.
Anthony Albanese Grayndler, Australian Labor Party, Prime Minister
As we have said, when those fixed mortgages end there will be an increased pressure on around about 800,000 Australians, who will go off fixed rates onto more flexible rates. That's why, in particular in the lead-up to the May budget, we will continue to put forward a responsible economic policy, because interest rates, of course, began to increase on your watch.