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Thursday, 15 June 1989
Page: 4049

To the Honourable the President and members of the Senate in Parliament assembled. The petition of the undersigned citizens of Australia respectfully showeth that:

Recent huge rises in mortgage interest rates have pushed the cost of buying their own home beyond the reach of most Australian families.

Those Australians already paying off home mortgages are now suffering severely and unfairly through increased mortgage payments or longer repayment times so that many will never pay off their mortgage and go further and further into debt unless interest rates fall substantially.

Now, therefore, your petitioners request that the Senate in Parliament assembled require the Hawke-Keating government to cease its excessive reliance on high interest rates as its major economic policy weapon and instead to use other measures which would allow interest rates to return to levels that do not force most Australians home-seekers out of the housing market-and many Australians out of their homes-so that the traditional right of home ownership is returned to average Australian families.

And your petitioners, as in duty bound, will ever pray