Mornington Peninsula, VIC – Member for Flinders, Zoe McKenzie MP, has raised concerns over financial pressures in her electorate despite last week’s inflation figures suggesting a possible interest rate cut.
Speaking to Sky News Australia, Ms McKenzie highlighted the ongoing burden on local mortgage holders, stating that while the inflation drop is encouraging, the economic outlook remains challenging.
“The average inflation under this government [is] 4.1%. The average inflation under our previous government [was] 2.2%,”
She said.
“I welcome this change and I hope it produces results in terms of an interest rate reduction.”
Ms McKenzie pointed out that rising interest rates have significantly impacted homeowners, particularly in the Flinders electorate, where higher property values mean greater mortgage repayments.
“The average Australian mortgagee is paying $26,000 more every year. It’s more like $50,000 in my electorate because of property values,”
She said.
Her comments come as speculation grows over the Reserve Bank of Australia’s (RBA) next move on interest rates. While some economists suggest a cut could be on the horizon, others warn that ongoing cost-of-living pressures may delay any immediate relief.
With mortgage holders across the Mornington Peninsula feeling the squeeze, Ms McKenzie’s remarks reflect growing calls for economic policies that provide tangible relief for households.
