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Tuesday, 11 February 1986
Page: 5

To the Honourable the President and members of the Senate.

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

The long, drawn out, prolonged effect of ever expanding interest rates has and will continue to tear this country apart as home purchasers are given temporary easement or extended time payments, paying a mere pittance off the original loan with a complete disregard for the final result, i.e. the selling of small business and an intolerable position for the early or young home purchasers, also social disruption at its worst for the last 15 to 20 years.

Therefore no government or opposition in a power position should continue to tolerate this cruel, vicious procedure that shatters the very structure of family life.

We need a five year period to reduce this absurdity by tackling it at its source. Firstly, interest repayments on home loans to be reduced by 2 per cent annually for the next five years or until it is down to 6 per cent.

This would, or should diminish union demands, and cause no hazard for investors, who could reinvest in Government projects, or other worthwhile ventures and also ease the burden on Social Securities.

Your petitioners in duty will ever pray.