❓ Question regarding the impact of rising interest rates under the Howard government on Western Australian families, with the Treasurer responding by highlighting the increase in mortgage repayments and broader economic consequences.
AnsweredQoN 724Legislative Assembly
QuestionView source ↗
INTEREST RATES
Like many Western Australians, I have just spent my lunch break in a bank queue arranging an increase in my monthly mortgage payments. Can the Treasurer explain the effects of the Howard government’s out-of-control interest rate rises on working families? Several members interjected. The SPEAKER : Order! The reason I stood was the level of interjection on my left, which was endeavouring to stop the member for Riverton asking his question, but apparently nothing would stop the member asking his question. I am sure the Treasurer has the answer to that question. Mr E.S. RIPPER
Like many Western Australians, I have just spent my lunch break in a bank queue arranging an increase in my monthly mortgage payments. Can the Treasurer explain the effects of the Howard government’s out-of-control interest rate rises on working families? Several members interjected. The SPEAKER : Order! The reason I stood was the level of interjection on my left, which was endeavouring to stop the member for Riverton asking his question, but apparently nothing would stop the member asking his question. I am sure the Treasurer has the answer to that question. Mr E.S. RIPPER
AnswerView source ↗
It is a serious issue. There have been six interest rate rises since John Howard promised to keep interest rates at record 30-year lows. There have been six interest rate increases since his promise, but 10 straight: four before he made the promise and six after he made the promise. However, I think we need to focus on what that means for ordinary Western Australians. When he made the promise, the average home loan in Western Australia was $168 900. Mr P.D. Omodei interjected. Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Several members interjected. The SPEAKER : Order! The reason I stood was the level of interjection on my left, which was endeavouring to stop the member for Riverton asking his question, but apparently nothing would stop the member asking his question. I am sure the Treasurer has the answer to that question. Mr E.S. RIPPER replied: It is a serious issue. There have been six interest rate rises since John Howard promised to keep interest rates at record 30-year lows. There have been six interest rate increases since his promise, but 10 straight: four before he made the promise and six after he made the promise. However, I think we need to focus on what that means for ordinary Western Australians. When he made the promise, the average home loan in Western Australia was $168 900. Mr P.D. Omodei interjected. Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
The SPEAKER : Order! The reason I stood was the level of interjection on my left, which was endeavouring to stop the member for Riverton asking his question, but apparently nothing would stop the member asking his question. I am sure the Treasurer has the answer to that question. Mr E.S. RIPPER replied: It is a serious issue. There have been six interest rate rises since John Howard promised to keep interest rates at record 30-year lows. There have been six interest rate increases since his promise, but 10 straight: four before he made the promise and six after he made the promise. However, I think we need to focus on what that means for ordinary Western Australians. When he made the promise, the average home loan in Western Australia was $168 900. Mr P.D. Omodei interjected. Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr E.S. RIPPER replied: It is a serious issue. There have been six interest rate rises since John Howard promised to keep interest rates at record 30-year lows. There have been six interest rate increases since his promise, but 10 straight: four before he made the promise and six after he made the promise. However, I think we need to focus on what that means for ordinary Western Australians. When he made the promise, the average home loan in Western Australia was $168 900. Mr P.D. Omodei interjected. Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
It is a serious issue. There have been six interest rate rises since John Howard promised to keep interest rates at record 30-year lows. There have been six interest rate increases since his promise, but 10 straight: four before he made the promise and six after he made the promise. However, I think we need to focus on what that means for ordinary Western Australians. When he made the promise, the average home loan in Western Australia was $168 900. Mr P.D. Omodei interjected. Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr P.D. Omodei interjected. Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
The SPEAKER : I call the member for Carine to order for the first time.
Several members interjected. The SPEAKER : Order! The reason I stood was the level of interjection on my left, which was endeavouring to stop the member for Riverton asking his question, but apparently nothing would stop the member asking his question. I am sure the Treasurer has the answer to that question. Mr E.S. RIPPER replied: It is a serious issue. There have been six interest rate rises since John Howard promised to keep interest rates at record 30-year lows. There have been six interest rate increases since his promise, but 10 straight: four before he made the promise and six after he made the promise. However, I think we need to focus on what that means for ordinary Western Australians. When he made the promise, the average home loan in Western Australia was $168 900. Mr P.D. Omodei interjected. Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
The SPEAKER : Order! The reason I stood was the level of interjection on my left, which was endeavouring to stop the member for Riverton asking his question, but apparently nothing would stop the member asking his question. I am sure the Treasurer has the answer to that question. Mr E.S. RIPPER replied: It is a serious issue. There have been six interest rate rises since John Howard promised to keep interest rates at record 30-year lows. There have been six interest rate increases since his promise, but 10 straight: four before he made the promise and six after he made the promise. However, I think we need to focus on what that means for ordinary Western Australians. When he made the promise, the average home loan in Western Australia was $168 900. Mr P.D. Omodei interjected. Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr E.S. RIPPER replied: It is a serious issue. There have been six interest rate rises since John Howard promised to keep interest rates at record 30-year lows. There have been six interest rate increases since his promise, but 10 straight: four before he made the promise and six after he made the promise. However, I think we need to focus on what that means for ordinary Western Australians. When he made the promise, the average home loan in Western Australia was $168 900. Mr P.D. Omodei interjected. Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
It is a serious issue. There have been six interest rate rises since John Howard promised to keep interest rates at record 30-year lows. There have been six interest rate increases since his promise, but 10 straight: four before he made the promise and six after he made the promise. However, I think we need to focus on what that means for ordinary Western Australians. When he made the promise, the average home loan in Western Australia was $168 900. Mr P.D. Omodei interjected. Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr P.D. Omodei interjected. Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr E.S. RIPPER : It was 22 per cent when John Howard was Treasurer, my friend. If that was a 30-year standard variable loan, the monthly repayments on that loan were $1 129.37. After those six interest rate increases, the monthly repayments on that loan have increased to $1 304.68. Since he made that promise, that is an increase in the monthly repayment on a mortgage taken out at the time he made the promise of $175.31. Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr T. Buswell : That’s less than the increase in the land tax - Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr E.S. RIPPER : Every month the Deputy Leader of the Opposition makes a mistake about that. We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
We know, of course, that mortgages differ from household to household. Due to the rise in property prices, more recent mortgages have been higher. In August 2007, the average value of a new home loan to owner-occupiers in Western Australia was $228 000. That is just below the national average. A quarter of a per cent increase in the interest rate on that loan results in repayments climbing by more than $40 a month, or about one per cent of the median household income in Western Australia. It has more of an impact - Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr P.D. Omodei interjected. Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr E.S. RIPPER : The Leader of the Opposition does not seem to care about this. It has more of an impact - Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr P.D. Omodei interjected. The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
The SPEAKER : I call the Leader of the Opposition to order for the third time. I warn members that a number of people were called to order a number of times before question time. The Treasurer. Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr T. Buswell interjected. The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
The SPEAKER : I do not know whether the Deputy Leader of the Opposition understands this. I call the Deputy Leader of the Opposition to order for the third time. Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Mr E.S. RIPPER : This is a more important matter in Western Australia than it is in other parts of the country. Thirty-five per cent of people in Western Australia are paying off their own homes compared with 32 per cent nationally. I am amazed at the level of interjections we have had from the Leader of the Opposition and the Deputy Leader of the Opposition. They appear not to care about what this broken promise is doing to the household incomes and the costs that ordinary working families in Western Australia are facing. It is not just a matter of household costs; it also affects household consumption, which in turn affects businesses. Interest rate rises also affect small businesses directly; they affect their costs, which affects their investment decisions. If businesses make different investment decisions as a result of those rises, that can mean increased costs to consumers. All of these pressures come as a result of the federal government’s management of the economy. It has broken its promise! It said it would keep interest rates at record lows and it has not. The federal government has to accept responsibility for having made that promise and breaking it. Unfortunately, what it is trying to do is pass the buck, avoid responsibility and somehow pretend that it did not make that promise in October 2004. Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
Ms K. Hodson-Thomas interjected. The SPEAKER : I call the member for Carine to order for the first time.
The SPEAKER : I call the member for Carine to order for the first time.
Explore WA Government Data
Search the full archive in the free dashboard, or query programmatically via API.
Explore more
Government Gazette
Appointments, regulatory notices, planning changes.
Hansard
Debates, questions, speeches and sentiment.
Tabled Papers
Reports and documents tabled in Parliament.
Committees
Committee profiles and recent reports.
Regulations
Subsidiary legislation with filters and summaries.
Bills
Proposed laws and parliamentary progress.
Acts
Current WA legislation and summaries.
Explanatory Memoranda
Bills with EMs (text/PDF) available.
Members
MP profiles, party breakdown and rankings.
Pollie Rankings
Data-driven rankings across 19 categories.
Amendment Chains
Track how schemes and regulations evolve over time.