Alarming new data shows a large proportion of households around Macarthur especially in the Hume electorate are dealing with serious mortgage stress heading into Christmas.
Federal Member for Hume and Shadow Treasurer Angus Taylor says Australians deserve better.
Mr Taylor points to new figures from Digital Finance Analytics (appendix 1) that paint a bleak picture across all local government areas including Camden, Wollondilly, Liverpool, Wingecarribee, Goulburn Mulwaree, Upper Lachlan and Boorowa.
In postcode 2570, which includes suburbs such as Camden, Elderslie and Oakdale, 84% of borrowers are in mortgage stress, while even more renters are in rental stress.
While in postcode 2579, which takes in suburbs like Exeter, Tallong and Wingello, 100% of borrowers are in mortgage stress.
As a result of the most recent interest rate rise – the 12th under the Albanese Labor Government – a family with a $750,000 mortgage will now have to pay an extra $24,000 per year.
That’s an extra $1000 or so from the fortnightly pay packet.
In addition to this, they have to contend with the cost of electricity up 18.2%, gas 28%, food 8.2 % and insurance 17.3%.
“Before the last election, Treasurer Jim Chalmers said after one rate rise, the Coalition had an excuse for everything and a plan for nothing,” Mr, Taylor said.
“After 12 interest rates rises, what does the Treasurer have to say for himself now?”