❓ Question regarding the impact of rising interest rates on WA homeowners and assigning blame. The Treasurer's answer focuses on criticising the federal government's (John Howard's) broken promise on interest rates and highlighting state government initiatives to assist homeowners.
AnsweredQoN 136Legislative Assembly
QuestionView source ↗
INTEREST RATES
Western Australian homeowners face the possibility of yet another interest rate rise tomorrow. What impact will this have and, more importantly, who is to blame? Several members interjected. Mr E.S. RIPPER
Western Australian homeowners face the possibility of yet another interest rate rise tomorrow. What impact will this have and, more importantly, who is to blame? Several members interjected. Mr E.S. RIPPER
AnswerView source ↗
It is interesting that members opposite just scoff when a question about interest rate rises is asked. If I were them, I would have a bit more concern for the people in the suburbs who committed to mortgages on the basis of John Howard’s promise. Several members interjected. The SPEAKER : I call the member for Vasse to order for the second time. Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Several members interjected. Mr E.S. RIPPER replied: It is interesting that members opposite just scoff when a question about interest rate rises is asked. If I were them, I would have a bit more concern for the people in the suburbs who committed to mortgages on the basis of John Howard’s promise. Several members interjected. The SPEAKER : I call the member for Vasse to order for the second time. Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER replied: It is interesting that members opposite just scoff when a question about interest rate rises is asked. If I were them, I would have a bit more concern for the people in the suburbs who committed to mortgages on the basis of John Howard’s promise. Several members interjected. The SPEAKER : I call the member for Vasse to order for the second time. Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
It is interesting that members opposite just scoff when a question about interest rate rises is asked. If I were them, I would have a bit more concern for the people in the suburbs who committed to mortgages on the basis of John Howard’s promise. Several members interjected. The SPEAKER : I call the member for Vasse to order for the second time. Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Several members interjected. The SPEAKER : I call the member for Vasse to order for the second time. Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The SPEAKER : I call the member for Vasse to order for the second time. Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Several members interjected. Mr E.S. RIPPER replied: It is interesting that members opposite just scoff when a question about interest rate rises is asked. If I were them, I would have a bit more concern for the people in the suburbs who committed to mortgages on the basis of John Howard’s promise. Several members interjected. The SPEAKER : I call the member for Vasse to order for the second time. Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER replied: It is interesting that members opposite just scoff when a question about interest rate rises is asked. If I were them, I would have a bit more concern for the people in the suburbs who committed to mortgages on the basis of John Howard’s promise. Several members interjected. The SPEAKER : I call the member for Vasse to order for the second time. Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
It is interesting that members opposite just scoff when a question about interest rate rises is asked. If I were them, I would have a bit more concern for the people in the suburbs who committed to mortgages on the basis of John Howard’s promise. Several members interjected. The SPEAKER : I call the member for Vasse to order for the second time. Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Several members interjected. The SPEAKER : I call the member for Vasse to order for the second time. Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The SPEAKER : I call the member for Vasse to order for the second time. Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER : Members opposite should have more concern for those who committed to a mortgage on the basis of John Howard’s promise, and now find that there is a serious impact on their living standards. I know that the member for Swan Hills is very concerned about interest rate rises in her electorate. The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The Reserve Bank Board meets today to make a decision on interest rates, and its decision will be announced tomorrow. If interest rates are raised again, it will have a significant impact on young families paying mortgages. Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr T. Buswell interjected. Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER : The member for Vasse may scoff, but if rates rise by 25 basis points - Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Several members interjected. The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The SPEAKER : I call the members for Murray and South Perth to order. Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER : If rates rise by 25 basis points, the cash rate will hit a 10-year high of 6.5 per cent. For Western Australians with an average size loan of $219 000, a rise of 25 basis points translates to an extra $463 a year. Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Several members interjected. The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The SPEAKER : I call to order the members for Dawesville and South Perth. Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER : We know what happened during the last election campaign - John Howard promised to keep interest rates at record lows. I am holding a copy of the advertising that the Liberal Party used during the last election. It reads, “Keep Howard Prime Minister. What John Howard promises he delivers. Tick lower interest rates.” What is likely to happen tomorrow? If the Reserve Bank of Australia raises interest rates again, it is likely that Howard’s battlers will receive a belting. It will not be the first belting that Howard’s battlers have received since he made that election promise. Indeed, there have been four interest rate rises; one in March 2005 and one each in May, August and November 2006. We are now faced with the prospect of another interest rate hike. People who know something about the industry know that it will hurt people at the bottom end of the market. Rob Druitt, President of the Real Estate Institute of WA, has said that another rise will hit first home buyers and low-income earners, who cannot afford it. The Housing Industry Association has said that another rate rise will do nothing for affordability, except make it worse. The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The SPEAKER : I call to order the Leader of the Opposition and the member for Moore. Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr P.D. Omodei interjected. The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The SPEAKER : Leader of the Opposition! Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
Mr E.S. RIPPER : I agree with you, Mr Speaker, that the Leader of the Opposition is demonstrating strange and erratic behaviour. The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
The federal government does not care about ordinary Western Australians. I will tell members what it proposed to me last Thursday and Friday. It wants me to abolish stamp duty for businesses while leaving stamp duty as it is for ordinary home buyers. This government will not do that. We will not exempt business from stamp duty at the behest of Mr Costello, while leaving ordinary people who are buying a new house - they may be trading down if they are seniors or trading up if they have growing families - to pay the stamp duty that Mr Costello would have them pay. This government is assisting people in the housing market. We have abolished letting fees, we have significantly increased bond loan levels under the bond assistance scheme and, more importantly, we have launched First Start, a shared equity scheme that will help 3 000 low to moderate income earners own their own home. We are working on more in the May budget. Unfortunately, we have no control over the biggest impact on housing affordability. I refer to John Howard’s broken interest rate promise and to the fifth belting that he will give his battlers if the Reserve Bank of Australia raises interest rates tomorrow.
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