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Hurford suggests possible housing finance moves



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• ' 2 Λ

MEDIA RELEASE

MINISTER FOR

HOUSING AND CONSTRUCTION The Hon Chris HURFORD MP

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MPS 2 2 / 8 4

HURFORD SUGGESTS POSSI BLE HOUSING FI NANCE MOVES

H o u s i n g i n t e r e s t r a t e c o n t r o l s w o u l d o n l y be r e l a x e d i f

t h i s meant a b e t t e r d e a l f o r l o w e r and m i d d l e i n c o me

g r o u p s » t h e M i n i s t e r f o r H o u s i n g and C o n s t r u c t i o n and

M i n i s t e r A s s i s t i n g t h e T r e a s u r e r , Mr C h r i s H u r f o r d , s a i d

i n C a n b e r r a t o d a y .

Mr H u r f o r d was a d d r e s s i n g t h e A u s t r a l i a n A s s o c i a t i o n o f

P e r ma n e n t B u i l d i n g S o c i e t i e s 2 0 t h A n n u a l C o n f e r e n c e on

h o u s i n g f i n a n c e and t h e M a r t i n R e p o r t .

" I n e x a m i n i n g t h e f i n a n c i a l s y s t e m we a r e p u r s u i n g t w i n

g o a l s . On t h e one hand we w a n t t o see a s y s t e m t h a t i s

e f f i c i e n t , s t a b l e and c o m p e t i t i v e . On t h e o t h e r hand we

wa n t t o see a s y s t e m t h a t i s r e s p o n s i v e t o t h e n e e d s o f

t h e A u s t r a l i a n c o m m u n i t y . " s a i d Mr H u r f o r d .

The M i n i s t e r q u e s t i o n e d t h e b e n e f i t s o f c o n t i n u i n g

Go v e r n me n t c o n t r o l s on h o u s i n g i n t e r e s t r a t e s ,

p a r t i c u l a r l y f o r l o w e r t o m i d d l e i n c o me g r o u p s .

" I w o u l d s t r e s s t h a t any r e l a x a t i o n w o u l d need t o be

p a r t o f an e f f e c t i v e p a c k a g e t o g i v e a b e t t e r d e a l t o t h e

l o w e r and m i d d l e i nc ome e a r n e r s t h a t i n t e r e s t r a t e

c o n t r o l s we r e s u p p o s e d t o h e l p . " s a i d Mr H u r f o r d .

Mr H u r f o r d f o r e s h a d o w e d a number o f a r e a s f o r p o s s i b l e

i n n o v a t i o n . Thes e i n c l u d e d t h e d e v e l o p m e n t o f a s i g n i f i c a n t

s e c o n d a r y m o r t g a g e m a r k e t , t h e mor e w i d e s p r e a d a d o p t i o n

o f f l e x i b l e l e n d i n g t e c h n i q u e s and me a s u r e s t o p r o t e c t

t h e h o u s i n g s e c t o r f r o m t h e w o r s t e f f e c t s o f any s h a r p

r i s e s i n m a r k e t i n t e r e s t r a t e s .

The G o v e r n m e n t ' s p o l i c i e s m i g h t a l s o i n c l u d e a r e a f f i r m a t i o n

o f h o u s i n g f i n a n c e as a p r i o r i t y f o r t r a d i t i o n a l h o u s i n g

f i n a n c e i n s t i t u t i o n s .

I n l o o k i n g a t h o u s i n g f i n a n c e r e f o r m s Mr H u r f o r d e m p h a s i s e d

t h e G o v e r n m e n t s c o mm i t m e n t t o o n g o i n g c o n s u l t a t i o n b e t w e e n

F e d e r a l and S t a t e G o v e r n m e n t s , h o u s i n g f i n a n c e i n s t i t u t i o n s ,

t h e h o u s i n g i n d u s t r y and c o m m u n i t y g r o u p s .

C a n b e r r a 2 A p r i l , 1984

Me d i a C o n t a c t : Tom B u r t o n ( 0 6 2 ) 72 6635

Parliament House, Canberra