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Friday, 11 October 1985
Page: 1052

To the Honourable the President and members of the Senate in Parliament assembled.

The humble petition of we the undersigned citizens of Australia respectfully showeth that:-

The unrelenting ever expanding money extortion to which home purchasers are being subjected has exceeded the bounds of all logical reason. It is neither linear or progressive.

It becomes transparently clear that the constant edging up of interest rates for investors by banks, lending institutions, and banking consortiums are collectively responsible for the monetary explosion, lack of employment and all that that entails and is causing grave social disruption to hundreds of thousands. Behind it all, the absence of control that is now politically essential in the interest of justice and fair distribution of burden.

No government, recent or future should tolerate this cruel, vicious procedure that shatters the existence of family life, together with all the well known disastrous repercussions that follow.

Your petitioners therefore humbly pray that your House urge all politicians to unite nationally to do all within their power to reduce interest rates across the board and that:-

This country needs a five year period to reduce this unwarranted absurdity by tackling it at its source, as follows: firstly a 2 per cent annual interest reduction on home loans, until it is down to 6 per cent. This to come into force immediately subject to the urgent necessary legislation.

This would, or should curtail union demands, and cause no hazard for investors, who could reinvest in Government projects, or other worthwhile ventures. It would also certainly ease the burden on social securities.

Your petitioners as in duty bond will ever pray.