Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Foreign Affairs and Trade) Share this | Hansard source

The Senate chamber this afternoon is going to discuss the continued rise in inflation, the growing risk of another interest rate increase and the stress that that is going to put on Australian households and businesses who continue to face cost-of-living pressures under the Albanese government.

Nowhere are those pressures being felt more than in my home state of Western Australia. Just in the last few days it's been revealed that Western Australia is experiencing some of the fastest housing price increases anywhere in the country. House prices in metropolitan Perth have risen by 1.9 per cent in October. House prices national rose by just 1.1 per cent over the same period. This was the fastest monthly gain since June 2023 in Western Australia. This growth in housing prices, which is making it particularly difficult for young Western Australians to get into the market, continues to reflect supply continuing to lag behind demand, with advertised supply levels overs the four weeks to 26 October 18 per cent lower than average.

On an annual basis, Perth now has the third most bullish capital city market, with prices increasing by 9.5 per cent to a median value to $884,000. Some of those areas experiencing this high growth include: Albany, with a 22.2 per cent increase in housing prices; Manjimup, 15.5 per cent; Bellmont in Victoria Park, 13.6 per cent; Kwinana, 12.3 per cent; Armadale, 11.5 per cent; and Serpentine-Jarrahdale, 11.3 per cent. Anyone who knows about these suburbs and regional towns that I've just mentioned knows that these are modest places. But they are important places because they're often where first home buyers in Western Australia get a head start. Just compare that growth that we are experiencing in Western Australia with the national growth of just 5.6 per cent. Western Australia is experiencing the second strongest market overall, with prices up 13½ per cent over the last year.

Indeed, Cotality has said that another key driver behind these higher numbers has been the government's expanded five per cent deposit scheme. These inflationary and cost-of-living pressures aren't just affecting parents, and they're not just affecting grandparents. I've got some information here. Senators will be very familiar with the Raise Our Voice in Parliament campaign that many senators come into this chamber and contribute to. I want to thank Isabella and Isabella, who are in their mid-teens, for sharing with me their thoughts about teenage stress caused by inflation—

(Quorum formed) Thank you for the silence. I'm wondering whether Senator Grogan, the Labor senator from South Australia, would like to apologise to Isabella and Isabella for interrupting their contribution on teenagers impacted by inflation.