SHADOW Minister for Families and Federal Member for Lindsay, Melissa McIntosh MP, says this fifth interest rate rise has sent shockwaves through Australia’s mortgage heartland, where working families are increasingly turning to charity just to survive.
“Anthony Albanese should look a full-time working Penrith parent lining up at Mama Lana’s in the eye and explain why working hard no longer puts food on the table,” Mrs McIntosh said.
“Just hours after yesterday’s devastating rate hike, Mama Lana’s revealed demand had surged from 250-300 meals a night to 350-400 in just one month, with new faces arriving every evening.
“Rates are at their highest since 2008, but mortgages are 188 per cent bigger. In mortgage stress hotspots like Cambridge Gardens, this could be the hike that breaks them.
“Five rate rises have pushed $1 million mortgage repayments up $759 a month since February, while shrinking a potential $700,000 loan to just $620,000.
“That’s not just borrowing power disappearing. That’s the Australian dream being crushed.
“The cost-of-living crisis is driving even dual-income families to charity, with Mama Lana’s and Penrith Vinnies witnessing the heartbreaking toll.
“Penrith Vinnies’ Thomas Jones told me up they are seeing up to 80 first-time clients a week needing food, rent and medical assistance. More than half (53 per cent) are private renters. One in five has a mortgage.
“If the sight of working parents lining up for charity meals doesn’t shake the Albanese Government into action, what on earth will?”
“Supporting local businesses and helping families make their money go further has never been more important.
“I visited ABCOE Penrith last week to catch up with Managing Director Rodney Macnamara and see firsthand how local families are navigating the cost-of-living crisis.
“With 72 local employees, ABCOE is a fantastic example of a local business giving back, supporting sporting clubs, disability services and our local food kitchen.
“Families are doing it tough, and small businesses are feeling the pressure too. That’s why supporting businesses like ABCOE is a win for our whole community.
“Thanks to Rodney and the team for having me!”
