Jane Hume Victoria, Liberal Party, Shadow Minister for the Public Service
2:57 pm
My question is to the Minister representing the Treasurer, Senator Farrell. How much more per month will a family with a $750,000 mortgage have to pay as a result of today's interest rate increase?
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
I thank Senator Hume. Of course, the independent Reserve Bank board has today raised interest rates, regrettably, by 25 basis points, taking the official cash rate to 4.35 per cent. Of course, we understand that today's decision will hit Australians hard. The price pressures that we face are coming at us from around the world, but they're hitting the hip pockets of ordinary Australians the hardest. That's why our highest priority is rolling out the $23 billion in cost-of-living relief.
Sue Lines President
Minister Farrell, please resume your seat. Senator Hume?
Jane Hume Victoria, Liberal Party, Shadow Minister for the Public Service
On relevance, Madam President: the question was quite specific. For a family with a $750,000 mortgage, how much more per month do they need to pay after today's rate rise?
Sue Lines President
I will draw the minister to your question. Thank you, Senator Hume.
Honourable senators interjecting—
And I will remind senators across the chamber that the minister has the right to be heard in—
Senator Pratt, I just called the Senate to order.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
I don't have the specific figures on that amount of money, but I can tell you, Senator Hume, that, following the RBA's decision, the monthly repayment on the average existing $360,000 loan balance would increase by $57 a month, to $2,569.
Jane Hume Victoria, Liberal Party, Shadow Minister for the Public Service
2:59 pm
How much more, Senator Farrell, will a family with a $750,000 mortgage be paying each year on their mortgage payments compared to when you came to office?
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
I think I said in my previous answer, Senator Hume, that I didn't have the figure on that.
Jane Hume Victoria, Liberal Party, Shadow Minister for the Public Service
It's in the newspapers today.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
Well then, why are you asking me the question if you already know the answer? Why are you wasting our time? I can go to the figure for a $360,000 loan—
Honourable senators interjecting—
Sue Lines President
Minister Farrell, please resume your seat. Order! Minister, please continue.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
I can go to the figure of a $360,000 loan. That would increase the figure to $2,506—
Honourable senators interjecting—
Sue Lines President
Minister Farrell, please resume your seat. I will come to you, Senator Birmingham, but I am going to ask for order. Senator Hughes, I just called the Senate to order, and the minute, almost, that the minister got back on his feet you were interjecting very loudly. That is very disrespectful. Senator Birmingham.
Simon Birmingham SA, Liberal Party, Shadow Minister for Foreign Affairs
President, a point of order: the minister was asked very clearly about the increase Australians are facing throughout the life of the Albanese Labor government. It defies belief that he doesn't have something in his briefing that indicates how much more people are paying under the Albanese Labor government. Isn't it $24,000 a year?
Sue Lines President
Senator Birmingham, please resume your seat. That is not a point of order; it's a debating point.
Honourable senators interjecting—
Order! Thank you. Order! I invite all of those senators who wish to debate this to make themselves available at the many opportunities during the rest of the week, not during question time. Minister, please continue.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
Can I say to Senator Birmingham that it's not helping those people who've got this extra cost to—
Michaelia Cash WA, Liberal Party, Shadow Minister for Employment and Workplace Relations
You don't know what the cost is! You don't know what it is!
Simon Birmingham SA, Liberal Party, Shadow Minister for Foreign Affairs
It's your job to help them, Don! You're the government; it's your job to help them!
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
I've reported the figures that I have available. It's very clear that the 0.25 per cent has gone up, and those figures can easily be calculated.
Opposition senators interjecting—
The:
Senator Birmingham, order! Senator McGrath, order! Senator Hume, second supplementary?
Jane Hume Victoria, Liberal Party, Shadow Minister for the Public Service
3:02 pm
To save Minister Watt from using his fingers, the answer is somewhere between $22,000 and $24,000 a year more. Will you, Senator Farrell, agree or disagree that it is your government's responsibility to bring inflation down?
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
I agree, and that's exactly what we are doing. On that note, I will ask that further questions be put on the Notice Paper.