The Victorian Greens say new figures showing Victoria has the highest rate of mortgage stress in the country make the case for taxing the big banks to fund urgent cost-of-living relief even more urgent.
New RBA data shows 9.7% of Victorian borrowers are experiencing a high mortgage burden - the highest proportion of any state - while six of the ten worst-hit regions in Australia are in Victoria.
In Brimbank, 15.7% of borrowers are experiencing a high mortgage burden, followed by Dandenong at 14.8%, Tullamarine-Broadmeadows at 14.2%, Casey-South at 12.7%, Whittlesea-Wallan at 12.5% and Melton-Bacchus Marsh at 12.2%. Mortgage Stress Victoria has been forced to stop accepting new clients after its caseload surged 73%, as the number of people seeking help almost doubled between January and August.
The figures come a day after the RBA lifted interest rates another 25 basis points to 4.6%, the highest cash rate in 15 years.
The Greens are calling for a levy on the big banks to raise billions for cost-of-living measures including free public transport and free dental care.
As stated by Victorian Greens Leader Ellen Sandell MP:
"Victoria is the mortgage stress capital of Australia, and yesterday's interest rate rise is going to push even more families to breaking point as big banks continue to rake in massive profits.
"Victorians are being pushed to the brink just to keep a roof over their heads while the big banks rake in billions. If ever there was a time to tax the banks, it's now.
"So many people are struggling that overwhelmed financial counsellors are being forced to turn them away. Meanwhile, the big banks continue to rake in obscene profits.
"The big banks can afford to pay more tax. Governments should make them pay their fair share and use that money to bring down costs for everyone, with things like free public transport and free dental care."
