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Monday, 23 March 1987
Page: 1107

Senator REID —I give notice that, on the next day of sitting, I shall move:

That the Senate noting-

(a) the 50 per cent increase in claims on insurance companies for mortgage insurance due to mortgage defaults; and

(b) that 1,000 new homes currently on the market in Canberra and are not selling due to the inability of potential purchasers to meet the higher interest rates which are creating high mortgage repayments, and which are also causing a lack of confidence in the market-place,

calls upon the Federal Government to take decisions in the forthcoming mini-Budget to achieve a lowering of interest rates.