4 December 2023
Australian Dream Becomes Stress-Induced Nightmare
Federal Member for Herbert Phillip Thompson says the Albanese Labor Government must do more to curb interest rate increases, as mortgage stress rises across Townsville.
Mr Thompson says cost of living remains the second-most important issues raised with him by locals behind crime, and many people say higher mortgage repayments are a significant contributing factor.
“Home ownership is supposed to be the Australian dream, but under the Albanese Labor Government it’s becoming a nightmare,” he said.
“We have heard from locals who are choosing not to fill up their car, forgoing groceries and now facing the possibility of having to sell their home.
“The Prime Minister promised cheaper mortgages at the election. This is a broken promise.”
Great Start Financial Director and Mortgage Broker Natalie Sleeman says it’s a reality she’s been seeing played out amongst her clients, with those in mortgage stress needing to search for a better deal.
“In the last 12 months, my business has gone from 20% of re-finance clients, to 50%,” Ms Sleeman said.
“Some clients are making difficult sacrifices and even taking up second jobs to try and keep up with their rising repayments.”
Mr Thompson is calling on the Albanese Labor Government to take action.
“The Albanese Labor Government has left the curbing of inflation entirely in the hands of the RBA,” he said.
“At the same time, their budget has an extra $188B in spending over the next 5 years, further fuelling inflation.
“Couple that inflation with wages that aren’t keeping up plus increased migration rates, and the housing crisis will only get worse before it gets better.”
ENDS
