QUESTIONS WITHOUT NOTICE

Senator KOVACIC (New South Wales) (14:00): My question is to the Minister representing the Prime Minister, Senator Wong. Before the 2022 election, Prime Minister Albanese promised Australians cheaper mortgages. Instead, the reality facing Australians is that they are taking out bigger mortgages, making bigger repayments and in many cases watching the value of their home fall.

Some are now even facing negative equity. The average mortgage has surged to $735,000, up $75,000 in just one year, under the Albanese government. Minister, how has this government managed to leave Australians borrowing more than ever to buy a home only to leave them at risk of negative equity?