Page 3966 - Week 12 - Tuesday, 29 November 2022
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video
(v) housing up 19.0 percent;
(vi) rents up 13.1 percent; and
(vii) education up 17.0 percent;
(b) in addition to these significant price increases for essential goods and services, inflation in Canberra is at levels we’ve not seen since the 1900s;
(c) over the last 10 years, household rates have increased by an average of 10 percent, and will continue to rise;
(d) the median house price in the ACT remains close to $1 million;
(e) successive interest rate rises are adding an extra $1,000 per month to the average mortgage, with more expected rate rises to come;
(f) the cost of renting a typical house is now $750 per week – the highest for any capital city in the country;
(g) the cost of childcare is the highest in the country; and
(h) general practice bulk billing rates are the lowest in the country; and
(2) calls on the ACT Labor/Greens Government to:
(a) recognise that many Canberrans are facing a real cost-of-living crisis; and
(b) report back to the Assembly by Thursday 30 March 2023, on the drivers of the cost-of-living pressures in Canberra and measures available to the ACT Labor and Greens Government to address these pressures.
Earlier this year the ACT Council of Social Service, ACTCOSS, released their 2022 ACT Cost of Living Report. The report was damning. It outlined how, over the past five years, Canberra has experienced significant increases in the price of many essential goods and services. Many of these price increases exceeded the national average. Housing was up by 19 per cent. Electricity was up by 28 per cent. Transport was up by over 19 per cent. Gas was up by 24 per cent. Medical and hospital services were up by over 21 per cent. We are seeing record inflation, escalating interest rate rises, with more rises to come, and recently we have seen media reporting that parents with children in Catholic schools in the ACT are facing a seven per cent rise in their school fees next year.
Housing affordability in Canberra is at an all-time low. Median house prices are close to a million dollars, and many households are struggling to pay their increased mortgage costs, which have increased by over $1,000 per month for the average mortgage in the ACT.
The latest ANZ CoreLogic Housing Affordability Report has shown that the portion of income required to service a mortgage on a Canberra house is over 40 per cent. Over 40 percent, Mr Assistant Speaker; that is a record high for Canberra. With more rate rises expected over the coming months, the news will only get worse for mortgage holders.
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video