Page 236 - Week 03 - Tuesday, 30 May 1989
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continue to apply, with the ACT Government meeting part of the cost of those concessions. Such arrangements would need to be considered with regard to the Commonwealth-State Housing Agreement and would result in a substantial increase in the availability of concessional finance to home buyers.
Regarding public rental housing, we wish to see government housing being provided only to those in long term genuine need and to those with urgent and special needs. Those persons in genuine short to medium term need should be provided with rent relief for private sector housing with a view to eliminating the waiting list for government housing. We wish to see reviewed on a regular basis the levels of rent relief and government housing rents in line with market rents and individual needs.
Further, we would like to see that arrears of rent on government properties are paid, bearing in mind that tenants are not asked to pay more rent than they can genuinely afford. We also would like the Government to ensure that housing provided is suitable for the needs of the occupants and to provide for special accommodation needs where necessary. I think it is most important, Mr Speaker, to encourage government tenants to purchase their government homes when they can afford to do so. A minimum occupancy period should apply to allow an orderly transition here.
We would also like to see reviewed the operations of the ACT Housing Trust, with a view to improving its efficiency and cost-effectiveness, particularly in the area of repairs and maintenance to government housing.
Mr Speaker, there are a number of things this Assembly can do, but there are a number of other problems which are most relevant to this particular debate. Recently there have been huge rises in mortgage interest rates, and this has pushed the cost of buying a home far beyond the reach of most Australian families. Since last June savings bank home mortgage interest rates have risen from 13.5 per cent to a record 16 per cent, and now they are forecast to go as high as 18 per cent, which used to be the bank charge interest rate.
The Hawke Government-induced record 17 per cent, and soon to be 18 per cent, mortgage interest rate already represents a $40 a week cost rise so far this financial year to over $270 a week for a family repaying a mortgage of $84,000, and it is already being exceeded by up to 1 per cent of specific loans for some major lending institutions.
This cost will rise by a further $30 a week to more than $300 a week when interest rates hit their forecast 18 per cent later this year, representing a total rise of $70 a week since last June. Most Australian families would be far better off swapping Labor's tax cut, wage rise deal with the Australian Council of Trade Unions, for the lower
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