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WA MORTGAGE BURDEN MORE THAN DOUBLES UNDER LABOR AS INTEREST RATES SURGE

    SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA   2 November 2026 MEDIA RELEASE   WA MORTGAGE BURDEN MORE THAN DOUBLES UNDER LABOR AS INTEREST RATES SURGE   The number of Western Australian households estimated to be carrying a high mortgage burden has increased by more than 150 per cent since the Albanese Labor Government came to office, with four interest rate increases this year adding further pressure to struggling families. Analysis of RBA and ABS data by Senator Dean Smith, Shadow Assistant Minister for the Cost of Living, estimates 85,600 WA households were carrying a high mortgage burden in May 2026, compared with just 33,600 in May 2022. That represents an increase of 52,000 households, or 154 per cent, in just four years. The underlying Reserve Bank data shows the proportion carrying a high mortgage burden in WA increased from 3.2 per cent in May 2022 to 7.7 per cent in May 2026. Western Australia recorded the fifth-largest percentage increase in the estimated number of households carrying a high mortgage burden among the seven states and territories examined, behind South Australia, Tasmania, the ACT and Queensland, but ahead of Victoria and New South Wales. The deterioration is being repeated across the country, with the estimated number of households carrying a high mortgage burden surging from around 348,000 in May 2022 to 868,000 in May 2026 — an increase of approximately 520,000 households, or almost 150 per cent. The figures are particularly concerning because they do not capture the full impact of the Reserve Bank’s latest interest rate increases. The RBA has increased the official cash rate four times in 2026, including its latest 0.25 percentage point increase in September, taking the cash rate to 4.60 per cent — its highest level in 15 years. The four increases have added a full percentage point to the official cash rate this year, forcing mortgage holders to find hundreds of dollars more each month to meet their repayments. For a household with a $731,000 mortgage, the four increases could add approximately $5,568 to annual repayments. With another rate increase possible before Christmas, mortgage holders face the prospect of even greater financial pressure.   Quotes attributable to Senator Dean Smith: “An estimated 85,600 Western Australian households are now carrying a high mortgage burden — 52,000 more than when Labor came to office.” “That is a 154 per cent increase in just four years and represents a dramatic deterioration in the financial position of WA families.” “Western Australia has recorded one of the largest increases in mortgage pressure nationally, with the number of households carrying a high mortgage burden more than doubling under Labor. “These figures were recorded before the full impact of the Reserve Bank’s latest interest rate increases, meaning the financial pressure on Australian families is almost certainly worse today.” “Four interest rate increases this year have pushed borrowing costs to their highest level in 15 years, with families forced to find thousands of dollars more annually just to keep their homes.” “For households already stretched by rising mortgage repayments and everyday living costs, losing a job, having hours reduced or facing an unexpected expense could trigger a financial crisis.” “Labor has lost control of the economy; inflation remains stubbornly high and Australian mortgage holders are paying the price.” “For families already stretched to breaking point, another interest rate rise before Christmas could be the tipping point.” “Australians cannot afford another year of Labor’s economic mismanagement.”   Table 1: High Mortgage Burden (%) May-22 May-26 Change % Change New South Wales 3.7 8.0 4.3 116.20% Victoria 4.2 9.7 5.5 130.90% Queensland 2.8 6.9 4.1 146.40% South Australia 2.6 7.9 5.3 203.80% Western Australia 3.2 7.7 4.5 140.60% Tasmania 3.1 8.9 5.8 187.10% Australian Capital Territory 3.0 8.0 5.0 166.70% Source: RBA.   Table 2:  Estimated Number of Households with a High Mortgage Burden May-22 May-26 Change May 22 to May 26 % Change Western Australia 33,600 85,600 52,000 154% Australia 348,100 868,100 520,100 149% Source:  RBA Total Value of Dwellings, June Quarter 2026 | Australian Bureau of Statistics Household and Family Projections, Australia, 2021 – 2046 | Australian Bureau of Statistics ABS Census 2021  

TASMANIA MORTGAGE BURDEN ALMOST TRIPLES UNDER LABOR

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 2 November 2026 MEDIA RELEASE TASMANIA MORTGAGE BURDEN ALMOST TRIPLES UNDER LABOR The number of Tasmanian households estimated to be carrying a high mortgage burden has almost tripled since the Albanese Labor Government came to office, with four interest rate increases this year adding further pressure to struggling families. Analysis of RBA and ABS data by Senator Dean Smith, Shadow Assistant Minister for the Cost of Living, estimates 22,000 Tasmanian households were carrying a high mortgage burden in May 2026, compared with just 7,400 in May 2022. That represents an increase of 14,700 households, or 199 per cent, in just four years. The underlying Reserve Bank data shows the proportion carrying a high mortgage burden in Tasmania increased from 3.1 per cent in May 2022 to 8.9 per cent in May 2026. Tasmania recorded the second-largest percentage increase in the estimated number of households carrying a high mortgage burden of any state. The deterioration is being repeated across the country. Across NSW, Victoria, Queensland, South Australia, Western Australia, Tasmania and the ACT, the estimated number of households carrying a high mortgage burden increased from around 348,000 in May 2022 to 868,000 in May 2026 — an increase of approximately 520,000 households. Victoria had the highest estimated number in May 2026 at 267,700 households, followed by NSW at 266,300, Queensland at 149,200, Western Australia at 85,600, South Australia at 61,600, Tasmania at 22,000 and the ACT at 15,700. Since May 2022, the estimated number of households carrying a high mortgage burden increased by 218 per cent in South Australia, 199 per cent in Tasmania, 190 per cent in the ACT, 161 per cent in Queensland, 154 per cent in Western Australia, 148 per cent in Victoria and 127 per cent in NSW. The figures are particularly concerning because they do not capture the full impact of the Reserve Bank’s latest interest rate increases. The RBA has increased the official cash rate four times in 2026, including its latest 0.25 percentage point increase in September, taking the cash rate to 4.60 per cent — its highest level in 15 years. The four increases have added a full percentage point to the official cash rate this year, forcing mortgage holders to find hundreds of dollars more each month to meet their repayments. For a household with a $731,000 mortgage, the four increases could add approximately $5,568 to annual repayments. With another rate increase possible before Christmas, mortgage holders face the prospect of even greater financial pressure. Quotes attributable to Senator Dean Smith: “An estimated 22,000 Tasmanian households are now carrying a high mortgage burden — almost 15,000 more than when Labor came to office.” “That is a 199 per cent increase in just four years, meaning the estimated number of Tasmanian households carrying a high mortgage burden has almost tripled.” “The proportion of Tasmanian households carrying a high mortgage burden has risen from 3.1 per cent to 8.9 per cent since Labor came to office.” “But this is not just a Tasmanian story. Across the states and ACT, an estimated 520,000 more households are carrying a high mortgage burden than when Labor was elected.” “These figures were recorded before the full impact of the Reserve Bank’s latest interest rate increases, meaning the financial pressure on Australian families is almost certainly worse today.” “Four interest rate increases this year have pushed borrowing costs to their highest level in 15 years, with families forced to find thousands of dollars more annually just to keep their homes.” “Lose a job. Lose overtime. Have hours reduced. Face an unexpected expense. For a household already stretched by its mortgage, any one of those things can become a financial crisis.” “Labor has lost control of the economy; inflation remains stubbornly high and Australian mortgage holders are paying the price.” “For families already stretched to breaking point, another interest rate rise before Christmas could be the tipping point.” “Australians cannot afford another year of Labor’s economic mismanagement.” Table 1: High Mortgage Burden (%) May-22 May-26 Change % Change New South Wales 3.7 8.0 4.3 116.20% Victoria 4.2 9.7 5.5 130.90% Queensland 2.8 6.9 4.1 146.40% South Australia 2.6 7.9 5.3 203.80% Western Australia 3.2 7.7 4.5 140.60% Tasmania 3.1 8.9 5.8 187.10% Australian Capital Territory 3.0 8.0 5.0 166.70% Source: RBA. Table 2:  Estimated Number of Households with a High Mortgage Burden May-22 May-26 Change May 22 to May 26 % Change New South Wales 117,100 266,300 149,200 127% Victoria 108,200 267,700 159,600 148% Queensland 57,000 149,200 92,100 161% South Australia 19,400 61,600 42,200 218% Western Australia 33,600 85,600 52,000 154% Tasmania 7,400 22,000 14,700 199% ACT 5,400 15,700 10,300 190% Australia 348,100 868,100 520,100 149% Source:  RBA Total Value of Dwellings, June Quarter 2026 | Australian Bureau of Statistics Household and Family Projections, Australia, 2021 – 2046 | Australian Bureau of Statistics ABS Census 2021

SOUTH AUSTRALIA MORTGAGE BURDEN SURGES 218 PER CENT UNDER LABOR

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 2 November 2026 MEDIA RELEASE SOUTH AUSTRALIA MORTGAGE BURDEN SURGES 218 PER CENT UNDER LABOR The number of South Australian households estimated to be carrying a high mortgage burden has more than tripled since the Albanese Labor Government came to office, with four interest rate increases this year adding further pressure to struggling families. Analysis of RBA and ABS data by Senator Dean Smith, Shadow Assistant Minister for the Cost of Living, estimates 61,600 South Australian households were carrying a high mortgage burden in May 2026, compared with just 19,400 in May 2022. That represents an increase of 42,200 households, or 218 per cent, in just four years — the largest percentage increase of any state. The underlying Reserve Bank data shows the proportion carrying a high mortgage burden in South Australia increased from 2.6 per cent in May 2022 to 7.9 per cent in May 2026. The deterioration is being repeated across the country. Across NSW, Victoria, Queensland, South Australia, Western Australia, Tasmania and the ACT, the estimated number of households carrying a high mortgage burden increased from around 348,000 in May 2022 to 868,000 in May 2026 — an increase of approximately 520,000 households. Victoria had the highest estimated number in May 2026 at 267,700 households, followed by NSW at 266,300, Queensland at 149,200, Western Australia at 85,600, South Australia at 61,600, Tasmania at 22,000 and the ACT at 15,700. Since May 2022, the estimated number of households carrying a high mortgage burden increased by 218 per cent in South Australia, 199 per cent in Tasmania, 190 per cent in the ACT, 161 per cent in Queensland, 154 per cent in Western Australia, 148 per cent in Victoria and 127 per cent in NSW. The figures are particularly concerning because they do not capture the full impact of the Reserve Bank’s latest interest rate increases. The RBA has increased the official cash rate four times in 2026, including its latest 0.25 percentage point increase in September, taking the cash rate to 4.60 per cent — its highest level in 15 years. The four increases have added a full percentage point to the official cash rate this year, forcing mortgage holders to find hundreds of dollars more each month to meet their repayments. For a household with a $731,000 mortgage, the four increases could add approximately $5,568 to annual repayments. With another rate increase possible before Christmas, mortgage holders face the prospect of even greater financial pressure. Quotes attributable to Senator Dean Smith: “An estimated 61,600 South Australian households are now carrying a high mortgage burden — more than 42,000 more than when Labor came to office.” “That is a 218 per cent increase in just four years — the largest percentage increase of any state.” “The proportion of South Australian households carrying a high mortgage burden has risen from 2.6 per cent to 7.9 per cent since Labor came to office.” “But this is not just a South Australian story. Across the states and ACT, an estimated 520,000 more households are carrying a high mortgage burden than when Labor was elected.” “These figures were recorded before the full impact of the Reserve Bank’s latest interest rate increases, meaning the financial pressure on Australian families is almost certainly worse today.” “Four interest rate increases this year have pushed borrowing costs to their highest level in 15 years, with families forced to find thousands of dollars more annually just to keep their homes.” “Lose a job. Lose overtime. Have hours reduced. Face an unexpected expense. For a household already stretched by its mortgage, any one of those things can become a financial crisis.” “Labor has lost control of the economy; inflation remains stubbornly high and Australian mortgage holders are paying the price.” “For families already stretched to breaking point, another interest rate rise before Christmas could be the tipping point.” “Australians cannot afford another year of Labor’s economic mismanagement.” Table 1: High Mortgage Burden (%) May-22 May-26 Change % Change New South Wales 3.7 8.0 4.3 116.20% Victoria 4.2 9.7 5.5 130.90% Queensland 2.8 6.9 4.1 146.40% South Australia 2.6 7.9 5.3 203.80% Western Australia 3.2 7.7 4.5 140.60% Tasmania 3.1 8.9 5.8 187.10% Australian Capital Territory 3.0 8.0 5.0 166.70% Source: RBA. Table 2:  Estimated Number of Households with a High Mortgage Burden May-22 May-26 Change May 22 to May 26 % Change New South Wales 117,100 266,300 149,200 127% Victoria 108,200 267,700 159,600 148% Queensland 57,000 149,200 92,100 161% South Australia 19,400 61,600 42,200 218% Western Australia 33,600 85,600 52,000 154% Tasmania 7,400 22,000 14,700 199% ACT 5,400 15,700 10,300 190% Australia 348,100 868,100 520,100 149% Source:  RBA Total Value of Dwellings, June Quarter 2026 | Australian Bureau of Statistics Household and Family Projections, Australia, 2021 – 2046 | Australian Bureau of Statistics ABS Census 2021

QUEENSLAND MORTGAGE BURDEN SURGES 161 PER CENT UNDER LABOR

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 2 November 2026 MEDIA RELEASE QUEENSLAND MORTGAGE BURDEN SURGES 161 PER CENT UNDER LABOR The number of Queensland households estimated to be carrying a high mortgage burden has increased by more than 160 per cent since the Albanese Labor Government came to office, with four interest rate increases this year adding further pressure to struggling families. Analysis of RBA and ABS data by Senator Dean Smith, Shadow Assistant Minister for the Cost of Living, estimates 149,200 Queensland households were carrying a high mortgage burden in May 2026, compared with just 57,000 in May 2022. That represents an increase of 92,100 households, or 161 per cent, in just four years. The underlying Reserve Bank data shows the proportion carrying a high mortgage burden in Queensland increased from 2.8 per cent in May 2022 to 6.9 per cent in May 2026. The deterioration is being repeated across the country. Across NSW, Victoria, Queensland, South Australia, Western Australia, Tasmania and the ACT, the estimated number of households carrying a high mortgage burden increased from around 348,000 in May 2022 to 868,000 in May 2026 — an increase of approximately 520,000 households. Victoria had the highest estimated number in May 2026 at 267,700 households, followed by NSW at 266,300, Queensland at 149,200, Western Australia at 85,600, South Australia at 61,600, Tasmania at 22,000 and the ACT at 15,700. Since May 2022, the estimated number of households carrying a high mortgage burden increased by 218 per cent in South Australia, 199 per cent in Tasmania, 190 per cent in the ACT, 161 per cent in Queensland, 154 per cent in Western Australia, 148 per cent in Victoria and 127 per cent in NSW. The figures are particularly concerning because they do not capture the full impact of the Reserve Bank’s latest interest rate increases. The RBA has increased the official cash rate four times in 2026, including its latest 0.25 percentage point increase in September, taking the cash rate to 4.60 per cent — its highest level in 15 years. The four increases have added a full percentage point to the official cash rate this year, forcing mortgage holders to find hundreds of dollars more each month to meet their repayments. For a household with a $731,000 mortgage, the four increases could add approximately $5,568 to annual repayments. With another rate increase possible before Christmas, mortgage holders face the prospect of even greater financial pressure. Quotes attributable to Senator Dean Smith: “An estimated 149,200 Queensland households are now carrying a high mortgage burden — more than 92,000 more than when Labor came to office.” “That is a 161 per cent increase in just four years and represents a dramatic deterioration in the financial position of Queensland families.” “The proportion of Queensland households carrying a high mortgage burden has risen from 2.8 per cent to 6.9 per cent since Labor came to office.” “But this is not just a Queensland story. Across the states and ACT, an estimated 520,000 more households are carrying a high mortgage burden than when Labor was elected.” “These figures were recorded before the full impact of the Reserve Bank’s latest interest rate increases, meaning the financial pressure on Australian families is almost certainly worse today.” “Four interest rate increases this year have pushed borrowing costs to their highest level in 15 years, with families forced to find thousands of dollars more annually just to keep their homes.” “Lose a job. Lose overtime. Have hours reduced. Face an unexpected expense. For a household already stretched by its mortgage, any one of those things can become a financial crisis.” “Labor has lost control of the economy; inflation remains stubbornly high and Australian mortgage holders are paying the price.” “For families already stretched to breaking point, another interest rate rise before Christmas could be the tipping point.” “Australians cannot afford another year of Labor’s economic mismanagement.” Table 1: High Mortgage Burden (%) May-22 May-26 Change % Change New South Wales 3.7 8.0 4.3 116.20% Victoria 4.2 9.7 5.5 130.90% Queensland 2.8 6.9 4.1 146.40% South Australia 2.6 7.9 5.3 203.80% Western Australia 3.2 7.7 4.5 140.60% Tasmania 3.1 8.9 5.8 187.10% Australian Capital Territory 3.0 8.0 5.0 166.70% Source: RBA. Table 2:  Estimated Number of Households with a High Mortgage Burden May-22 May-26 Change May 22 to May 26 % Change New South Wales 117,100 266,300 149,200 127% Victoria 108,200 267,700 159,600 148% Queensland 57,000 149,200 92,100 161% South Australia 19,400 61,600 42,200 218% Western Australia 33,600 85,600 52,000 154% Tasmania 7,400 22,000 14,700 199% ACT 5,400 15,700 10,300 190% Australia 348,100 868,100 520,100 149% Source:  RBA Total Value of Dwellings, June Quarter 2026 | Australian Bureau of Statistics Household and Family Projections, Australia, 2021 – 2046 | Australian Bureau of Statistics ABS Census 2021

149,000 MORE NSW HOUSEHOLDS CARRYING HIGH MORTGAGE BURDEN UNDER LABOR

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 2 November 2026 MEDIA RELEASE 149,000 MORE NSW HOUSEHOLDS CARRYING HIGH MORTGAGE BURDEN UNDER LABOR The number of NSW households estimated to be carrying a high mortgage burden has increased by 127 per cent since the Albanese Labor Government came to office, with four interest rate increases this year adding further pressure to struggling families. Analysis of RBA and ABS data by Senator Dean Smith, Shadow Assistant Minister for the Cost of Living, estimates 266,300 NSW households were carrying a high mortgage burden in May 2026, compared with 117,100 in May 2022. That represents an increase of 149,200 households, or 127 per cent, in just four years. The underlying Reserve Bank data shows the proportion carrying a high mortgage burden in NSW increased from 3.7 per cent in May 2022 to 8.0 per cent in May 2026. NSW now has the second-highest estimated number of households carrying a high mortgage burden in the country, narrowly behind Victoria. The deterioration is being repeated across the country. Across NSW, Victoria, Queensland, South Australia, Western Australia, Tasmania and the ACT, the estimated number of households carrying a high mortgage burden increased from around 348,000 in May 2022 to 868,000 in May 2026 — an increase of approximately 520,000 households. Victoria had the highest estimated number in May 2026 at 267,700 households, followed by NSW at 266,300, Queensland at 149,200, Western Australia at 85,600, South Australia at 61,600, Tasmania at 22,000 and the ACT at 15,700. Since May 2022, the estimated number of households carrying a high mortgage burden increased by 218 per cent in South Australia, 199 per cent in Tasmania, 190 per cent in the ACT, 161 per cent in Queensland, 154 per cent in Western Australia, 148 per cent in Victoria and 127 per cent in NSW. The figures are particularly concerning because they do not capture the full impact of the Reserve Bank’s latest interest rate increases. The RBA has increased the official cash rate four times in 2026, including its latest 0.25 percentage point increase in September, taking the cash rate to 4.60 per cent — its highest level in 15 years. The four increases have added a full percentage point to the official cash rate this year, forcing mortgage holders to find hundreds of dollars more each month to meet their repayments. For a household with a $731,000 mortgage, the four increases could add approximately $5,568 to annual repayments. With another rate increase possible before Christmas, mortgage holders face the prospect of even greater financial pressure. Quotes attributable to Senator Dean Smith: “An estimated 266,300 NSW households are now carrying a high mortgage burden — almost 150,000 more than when Labor came to office.” “That is a 127 per cent increase in just four years and represents a dramatic deterioration in the financial position of NSW families.” “NSW now has the second-highest estimated number of households carrying a high mortgage burden in Australia, with more than a quarter of a million households affected.” “But this is not just a NSW story. Across the states and ACT, an estimated 520,000 more households are carrying a high mortgage burden than when Labor was elected.” “These figures were recorded before the full impact of the Reserve Bank’s latest interest rate increases, meaning the financial pressure on Australian families is almost certainly worse today.” “Four interest rate increases this year have pushed borrowing costs to their highest level in 15 years, with families forced to find thousands of dollars more annually just to keep their homes.” “Lose a job. Lose overtime. Have hours reduced. Face an unexpected expense. For a household already stretched by its mortgage, any one of those things can become a financial crisis.” “Labor has lost control of the economy; inflation remains stubbornly high and Australian mortgage holders are paying the price.” “For families already stretched to breaking point, another interest rate rise before Christmas could be the tipping point.” “Australians cannot afford another year of Labor’s economic mismanagement.” Table 1: High Mortgage Burden (%) May-22 May-26 Change % Change New South Wales 3.7 8.0 4.3 116.20% Victoria 4.2 9.7 5.5 130.90% Queensland 2.8 6.9 4.1 146.40% South Australia 2.6 7.9 5.3 203.80% Western Australia 3.2 7.7 4.5 140.60% Tasmania 3.1 8.9 5.8 187.10% Australian Capital Territory 3.0 8.0 5.0 166.70% Source: RBA. Table 2:  Estimated Number of Households with a High Mortgage Burden May-22 May-26 Change May 22 to May 26 % Change New South Wales 117,100 266,300 149,200 127% Victoria 108,200 267,700 159,600 148% Queensland 57,000 149,200 92,100 161% South Australia 19,400 61,600 42,200 218% Western Australia 33,600 85,600 52,000 154% Tasmania 7,400 22,000 14,700 199% ACT 5,400 15,700 10,300 190% Australia 348,100 868,100 520,100 149% Source:  RBA Total Value of Dwellings, June Quarter 2026 | Australian Bureau of Statistics Household and Family Projections, Australia, 2021 – 2046 | Australian Bureau of Statistics ABS Census 2021

VICTORIA MORTGAGE BURDEN SURGES 148 PER CENT UNDER LABOR AS INTEREST RATES RISE

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 26 October 2026 MEDIA RELEASE VICTORIA MORTGAGE BURDEN SURGES 148 PER CENT UNDER LABOR AS INTEREST RATES RISE The number of Victorian households estimated to be carrying a high mortgage burden has increased by almost 150 per cent since the Albanese Labor Government came to office, with four interest rate increases this year adding further pressure to struggling families. Analysis of RBA and ABS data by Senator Dean Smith, Shadow Assistant Minister for the Cost of Living, estimates 267,700 Victorian households were carrying a high mortgage burden in May 2026, compared with 108,200 in May 2022. That represents an increase of 159,600 households, or 148 per cent, in just four years. The underlying Reserve Bank data shows the proportion carrying a high mortgage burden in Victoria increased from 4.2 per cent in May 2022 to 9.7 per cent in May 2026. Victoria now has the highest estimated number of households carrying a high mortgage burden of any state or territory. The deterioration is being repeated across the country. Across NSW, Victoria, Queensland, South Australia, Western Australia, Tasmania and the ACT, the estimated number of households carrying a high mortgage burden increased from around 348,000 in May 2022 to 868,000 in May 2026 — an increase of approximately 520,000 households. Victoria had the highest estimated number in May 2026 at 267,700 households, followed by NSW at 266,300, Queensland at 149,200, Western Australia at 85,600, South Australia at 61,600, Tasmania at 22,000 and the ACT at 15,700. Since May 2022, the estimated number of households carrying a high mortgage burden increased by 218 per cent in South Australia, 199 per cent in Tasmania, 190 per cent in the ACT, 161 per cent in Queensland, 154 per cent in Western Australia, 148 per cent in Victoria and 127 per cent in NSW. The figures are particularly concerning because they do not capture the full impact of the Reserve Bank’s latest interest rate increases. The RBA has increased the official cash rate four times in 2026, including its latest 0.25 percentage point increase in September, taking the cash rate to 4.60 per cent — its highest level in 15 years. The four increases have added a full percentage point to the official cash rate this year, forcing mortgage holders to find hundreds of dollars more each month to meet their repayments. For a household with a $731,000 mortgage, the four increases could add approximately $5,568 to annual repayments. With another rate increase possible before Christmas, mortgage holders face the prospect of even greater financial pressure. Quotes attributable to Senator Dean Smith: “An estimated 267,700 Victorian households are now carrying a high mortgage burden — almost 160,000 more than when Labor came to office.” “That is a 148 per cent increase in just four years, with Victoria now having the highest estimated number of households carrying a high mortgage burden in the country.” “But this is not just a Victorian story. Across the states and ACT, an estimated 520,000 more households are carrying a high mortgage burden than when Labor was elected.” “These figures were recorded before the full impact of the Reserve Bank’s latest interest rate increases, meaning the financial pressure on Australian families is almost certainly worse today.” “Four interest rate increases this year have pushed borrowing costs to their highest level in 15 years, with families forced to find thousands of dollars more annually just to keep their homes.” “Lose a job. Lose overtime. Have hours reduced. Face an unexpected expense. For a household already stretched by its mortgage, any one of those things can become a financial crisis.” “Labor has lost control of the economy; inflation remains stubbornly high and Australian mortgage holders are paying the price.” “For families already stretched to breaking point, another interest rate rise before Christmas could be the tipping point.” “Australians cannot afford another year of Labor’s economic mismanagement.” Table 1: High Mortgage Burden (%) May-22 May-26 Change % Change New South Wales 3.7 8.0 4.3 116.20% Victoria 4.2 9.7 5.5 130.90% Queensland 2.8 6.9 4.1 146.40% South Australia 2.6 7.9 5.3 203.80% Western Australia 3.2 7.7 4.5 140.60% Tasmania 3.1 8.9 5.8 187.10% Australian Capital Territory 3.0 8.0 5.0 166.70% Source: RBA. Table 2:  Estimated Number of Households with a High Mortgage Burden May-22 May-26 Change May 22 to May 26 % Change New South Wales 117,100 266,300 149,200 127% Victoria 108,200 267,700 159,600 148% Queensland 57,000 149,200 92,100 161% South Australia 19,400 61,600 42,200 218% Western Australia 33,600 85,600 52,000 154% Tasmania 7,400 22,000 14,700 199% ACT 5,400 15,700 10,300 190% Australia 348,100 868,100 520,100 149% Source:  RBA Total Value of Dwellings, June Quarter 2026 | Australian Bureau of Statistics Household and Family Projections, Australia, 2021 – 2046 | Australian Bureau of Statistics ABS Census 2021

RECORD FINANCIAL COMPLAINTS ANOTHER WARNING ON COST-OF-LIVING CRISIS

SENATOR DEAN SMITHSHADOW ASSISTANT MINISTER TO THE SHADOW TREASURERSHADOW ASSISTANT MINISTER FOR THE COST OF LIVINGLIBERAL SENATOR FOR WESTERN AUSTRALIA 26 October 2026 MEDIA RELEASE RECORD FINANCIAL COMPLAINTS ANOTHER WARNING ON COST-OF-LIVING CRISIS A record number of financial complaints is further evidence of the growing pressure on Australian households struggling with the cost-of-living crisis. The Australian Financial Complaints Authority (AFCA) received almost 120,000 complaints from consumers and small businesses in 2025–26 — the highest number in its history. Complaints increased across every industry, with banking and finance disputes accounting for 66,971 complaints and general insurance complaints reaching 36,022. Of particular concern, financial difficulty complaints jumped 17 per cent to 5,566, while superannuation complaints surged 42 per cent to 8,755. AFCA itself warned that consumers and small businesses continue to feel the effects of cost-of-living pressures and financial uncertainty, with complaints already increasing again in the first quarter of 2026–27. The figures provide another warning that financial pressure on Australian households is continuing to intensify. Quotes attributable to Senator Dean Smith: “Almost 120,000 financial complaints in a single year is another disturbing measure of the financial pressure Australians are facing.” “Of particular concern is the 17 per cent increase in financial difficulty complaints. More Australians are turning to their banks and financial institutions for help because household budgets simply aren’t stretching far enough.” “Families are being squeezed by higher mortgage repayments, rents, insurance, groceries and energy bills, and these pressures are increasingly showing up across the financial system.” “After more than four years of Labor, the cost-of-living crisis is not going away — for too many Australians, it is getting worse.”