News – Senator Dean Smith

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

Media Releases4 November, 2026

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

Media Releases4 November, 2026

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

Media Releases4 November, 2026

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

Media Releases4 November, 2026

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

Media Releases4 November, 2026

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

Media Releases22 October, 2026

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.”

HILDA REPORT EXPOSES THE HUMAN COST OF AUSTRALIA’S HOUSING AND COST-OF-LIVING CRISIS

Media Releases24 September, 2026

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 24 September 2026 MEDIA RELEASE HILDA REPORT EXPOSES THE HUMAN COST OF AUSTRALIA’S HOUSING AND COST-OF-LIVING CRISIS The latest HILDA Survey has laid bare the financial pressure facing Australian households, with more people struggling to afford housing, put food on the table and leave the family home. The 2026 Household, Income and Labour Dynamics in Australia (HILDA) Statistical Report shows that despite record employment, Australians are facing growing financial and housing stress as household incomes struggle to keep pace with rising housing costs and other essential expenses. The report found 18 per cent of Australians aged 15 and over experienced food insecurity in 2024, up from 13.7 per cent in 2020. Housing pressures have also intensified, with 23 per cent of private renters experiencing housing stress in 2024, while 9.6 per cent of mortgage holders were in housing stress — the highest proportion since 2017. Across Australia’s five mainland capital cities, 36 per cent of renters and 30 per cent of mortgage holders were spending more than 30 per cent of their disposable household income on housing. The impact on younger Australians is particularly stark. Half of Australians aged 18 to 29 were still living with their parents in 2024, compared with 39 per cent in 2001. Among young private renters in mainland capital cities, 25.3 per cent were experiencing housing stress, compared with 17.6 per cent in 2001. The HILDA report also found almost 8 per cent of Australians reported being unable to pay their mortgage or rent on time — the highest proportion since 2003. The findings provide another stark account of the cost-of-living and housing pressures experienced under the Albanese Government, as Australians confronted high inflation, rapidly rising rents, higher interest rates and escalating housing costs. Comments attributable to Senator Dean Smith: “The HILDA report puts numbers around what Australians are experiencing every day — household budgets stretched, housing increasingly unaffordable and too many young Australians watching the dream of independence and home ownership disappear over the horizon.” “The Albanese Government has been unable to get inflation and cost-of-living pressures under control, leaving Australians paying the price through higher household bills, higher rents and greater pressure on mortgage repayments.” “Australians are working harder but their earnings have not kept pace with the rising cost of housing and other essentials, with record employment failing to deliver greater financial security.” “When 18 per cent of Australians are experiencing food insecurity and almost one in four private renters are in housing stress, there can be no pretending the cost-of-living crisis is over.” “The failure to address Australia’s housing affordability crisis is changing the lives of an entire generation, with half of 18 to 29-year-olds now living with their parents.” “The Albanese Government promised cheaper living costs and more affordable housing, but Australians have instead endured high inflation, rapidly rising rents and housing costs that have placed enormous pressure on household budgets.” “Australians can do everything expected of them — get an education, find a job and work hard — and still struggle to afford rent, meet a mortgage or save enough to leave home.” “Australia cannot accept a future where an entire generation works harder, pays more and waits longer to achieve the security and independence their parents took for granted.” ENDS

WA FIRST HOME BUYERS BORROW $6.6 BILLION SINCE EXPANSION OF 5% DEPOSIT SCHEME

Media Releases21 September, 2026

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 21 September 2026 MEDIA RELEASE WA FIRST HOME BUYERS BORROW $6.6 BILLION SINCE EXPANSION OF 5% DEPOSIT SCHEME Western Australian first home buyers have borrowed a massive $6.6 billion since the Albanese Government expanded its 5 per cent deposit scheme, leaving thousands heavily exposed as house prices fall and interest rates rise. Seasonally adjusted ABS lending figures show that between 1 October 2025 and 30 June 2026, 11,099 WA first home buyers took out $6.60 billion in new owner-occupier loans. The data, commissioned by Western Australian Liberal Senator Dean Smith from the Parliamentary Library, shows first home buyer borrowing surged by more than $1 billion compared with the preceding nine months. In the nine months immediately before the scheme was expanded, WA first home buyers borrowed about $5.58 billion. In the following nine months, that jumped to $6.60 billion — an increase of more than 18 per cent. The Albanese Government expanded the scheme from 1 October 2025, removing income limits, making places unlimited and lifting eligible property price caps to $850,000 in Perth and $600,000 across regional WA. The expansion poured additional borrowing capacity into an already tight housing market as buyers competed for limited supply. Perth’s median house price subsequently surged by more than $150,000 to reach $1 million over the past year. It’s estimated more than 230,000 Australians have accessed the 5% deposit scheme since its commencement in 2020 with Western Australia consistently recording a high uptake of the scheme among the states. But the environment confronting those recent buyers has now changed dramatically. The Albanese Government’s May Budget announced major changes to negative gearing and capital gains tax arrangements designed to put downward pressure on property prices — just months after expanding a policy that boosted first home buyer purchasing power. Buyer activity has since weakened, with Perth’s median house price falling 3.2 per cent over the August 2026 quarter. That leaves the 11,099 first home buyers who entered the WA market between October and June particularly exposed. Many bought with deposits as low as 5 per cent and now face falling property values, higher mortgage repayments and continuing cost-of-living pressures. Comments attributable to Senator Dean Smith: “More than 11,000 WA first home buyers borrowed $6.6 billion in just nine months after Labor dramatically expanded its 5 per cent deposit scheme.” “The expansion of the 5% deposit scheme was a major driver in enticing more than 11,000 first home buyers into a rising market.” “That was more than $1 billion extra borrowing compared with the previous nine months, poured into one of the tightest housing markets in the country.” “Labor encouraged first home buyers into the market with deposits as low as 5 per cent, only to change negative gearing and capital gains tax months later with the express purpose of making housing cheaper.” “Thousands of young Western Australians who bought in good faith are now caught between falling property values, rising interest rates and enormous mortgages.” “For a first home buyer with only 5 per cent equity, even a relatively modest fall in the value of their home can put that equity at risk.” “Labor told Australians its housing policies were working, yet instead, its contradictory policies risk turning the dream of home ownership into a financial nightmare for the very people it promised to help.” ENDS

PERTH FAMILIES HIT BY NATION’S SHARPEST HOUSING COST SURGE

Media Releases31 July, 2026

SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 31 July 2026 PERTH FAMILIES HIT BY NATION’S SHARPEST HOUSING COST SURGE The latest Consumer Price Index data shows Western Australians have been hit by some of the largest increases in housing, rent and essential household costs anywhere in Australia since the Albanese Labor Government came to office. An analysis by the Parliamentary Library of Australian Bureau of Statistics CPI figures comparing March 2022 with June 2026 commissioned by WA Liberal Senator Dean Smith shows Perth’s overall cost of living increased by 18.9 per cent – slightly above the national increase of 18.6 per cent. The most significant cost pressures have been in housing, with Perth recording a 32.7 per cent increase – the equal-highest increase of any Australian capital and more than five percentage points above the national increase of 27.5 per cent. The cost of buying a new home for owner-occupiers in Perth increased by a staggering 47.9 per cent. This was the largest increase recorded by any capital city and more than 20 percentage points above the national increase of 27.6 per cent. Perth tenants have also experienced the sharpest increase in rental costs of any Australian capital. Rents in Perth rose by 38.5 per cent compared with a national increase of 25.3 per cent, meaning Western Australian renters faced increases more than 13 percentage points above the national average. The pressure extends well beyond housing. Fruit prices in Perth climbed by 39.3 per cent – the largest increase of any capital city and more than eight percentage points above the national figure. Across the broader fruit and vegetables category, prices in Perth increased by 27.2 per cent, once again the highest rise among the capitals and 8.5 percentage points higher than the national increase. Western Australian families have also faced increases of: 50.1 per cent for tobacco; 42.1 per cent for insurance; 35.2 per cent for postal services; 32.8 per cent for eggs; 28.8 per cent for milk; 28.4 per cent for bread; 26.1 per cent for motor vehicle maintenance and repairs; and 21.8 per cent for preschool and primary education. Comments attributed to Senator Dean Smith: “The figures demonstrate that Western Australians are paying substantially more for many of the unavoidable costs of daily life, including shelter, groceries, insurance, education and maintaining a family vehicle.” “Western Australian families do not need to be told the cost of living has increased – they see it every time they pay the rent, visit the supermarket or open an insurance renewal.” “Under the Albanese Labor Government, Perth housing costs have risen by almost 33 per cent, new dwelling costs by nearly 48 per cent and rents by more than 38 per cent.” “Perth has recorded the largest rent increase of any capital city, with rents rising more than 13 percentage points faster than the national average.” “These are not discretionary expenses that families can simply avoid – they are the basic costs of keeping a roof over their heads, feeding their children and getting to work.” “Labor promised Australians cheaper living costs, but Western Australians are instead paying more for housing, food, insurance, education and essential services.” “Western Australia needs a government that will bring spending under control, reduce inflationary pressure, support new housing supply and allow working families to keep more of what they earn.” ENDS Parliamentary Library research on ABS CPI index by capital city March 2022 to June 2026 Capital City % Change March 2022-June 2026 March 2022 June 2026 Perth 18.9 85.95 102.16 Brisbane 19.3 85.38 101.89 Adelaide 20.7 84.91 102.45 Sydney 19.1 85.91 102.28 Hobart 17.0 87.44 102.17 Melbourne 17.4 86.63 101.66 Canberra 16.6 87.46 101.96 Darwin 16.5 87.66 102.17 Australia 18.6 86.05 102.17 Parliamentary Library research on ABS CPI data March 2022 to June 2026 – revealing where Perth recorded the fastest increase of any capital city and the national average in these expenditure items. ITEM Perth Increase Next Highest Capital Australia Increase New Dwelling purchase by owner- occupants 47.9 Adelaide 41.7 27.7 Rents 38.5 Brisbane 30.7 25.3 Housing 32.7 Adelaide 32.7 27.5 Fruit 39.3 Darwin 34.9 31.0 Fruit and Vegetables 27.2 Adelaide 22.4 18.7 Parliamentary Library research on ABS CPI index data March 2022 to June 2026 recording Perth increases against national average by expenditure items. ITEM Perth Increase Australia Increase Bread 28.4 27.9 Vegetables 17.1 10.1 Beef and veal 13.2 13.1 Pork 13.7 13.7 Lamb and goat 12.6 12.3 Poultry 14.3 13.3 Wine 5.3 4.6 Tobacco 50.1 47.5 Garments for infants and children 11.6 7.0 Footwear for infants and children 7.0 3.1 Furnishings, household equipment and services 9.5 8.9 Furniture 7.6 4.9 Childcare 7.8 5.9 Postal Services 35.2 35.2 Holiday travel and accommodation 20.2 18.3 Preschool and primary education 21.8 13.6 Motor vehicles 7.5 6.1