STATEMENTS BY MEMBERS

Mr McCORMACK (Riverina) (13:54): I just want to read to the House something that is very stark and very sobering. It comes from realestate.com.au, dated 8 August, and it says: Australia has hit its highest risk of mortgage defaults in 25 years and a looming interest rate hike threatens to leave many families teetering on the edge of crisis. New analysis revealed the sharpest quarterly uptick since records started in 2001 with an 18 per cent increase in average national risk of missed mortgage payments.

Outer suburbs around major cities regularly rank as the most vulnerable and NSW saw a 25 per cent jump in mortgage default risk in the same three months. Amongst the mortgage-default areas hardest hit is Turvey Park, a suburb in Wagga Wagga. This being the case, why are Labor members—including the member for Bennelong—out celebrating a crash in the property market?

Why is this so? A little bit south-west of Wagga Wagga, we've got SunRice confirming 92 positions, across its Deniliquin, Leeton and Australian grain storage operations, being made redundant. They've found work for 14 of those 92 workers, but that is 78 families that will now be without an income, without a job, without a future, and it's all on Labor's watch.

The housing market is crashing. Those people are out of work because of the water policies. Shame, Labor, shame!