DR MIKE FREELANDER MP
MEMBER FOR MACARTHUR
ANNE STANLEY MP
MEMBER FOR WERRIWA
MORTGAGE STRESS IN THE SOUTH-WEST
Residents of South-West Sydney have been sorely affected by the NSW and Commonwealth Government’s mismanagement of the COVID-19 pandemic.
The Morrison Government’s failures in vaccine procurement and quarantine, along with the Berejiklian Government’s failure to take decisive action to stop Delta before it ran rampant through our communities, have placed significant stresses upon households and businesses alike.
Residents and businesses of South-Western Sydney have borne the burden of the Government’s failings in this pandemic.
Reports released today indicate that a significant percentage of residents across the Macarthur and Werriwa communities are facing financial hardship.
According to UNSW, 71% of mortgage holders in Werriwa are experiencing financial stress, and 68% of all mortgage holders, renters and investors in Macarthur are facing similar pressures.
With average wages presently going backwards (in real terms) and expected to go backwards over the next four years, our communities need urgent action to address the rising cost of living.
“The fact that wage growth has been kept low by the Morrison Government, as a ‘deliberate design feature of our economic architecture’, demonstrates that the Coalition has little understanding of the issues facing businesses and households in South-West Sydney,” said Dr Mike Freelander MP.
“After bearing the burden of the Government’s economic failings and mismanagement of the pandemic, we need targeted support in Western Sydney to drive our economic recovery.
“We desperately need investment in critical infrastructure projects such as a rail line and fuel pipeline to the new Western Sydney Airport as part of this recovery,” said Dr Freelander.
Anne Stanley, the Member for Werriwa, pointed out that this crisis existed long before the Pandemic and has only been exacerbated following successive lockdowns.
“Even before the pandemic began, residents of the South-West were finding ends hard to meet.
“The latest data shows just how difficult this is. Coupled with the effects of 3 months in lockdown, we need policies that can make a positive impact on the housing crisis.” Ms Stanley said.
Labor has proposed to create a $10 billion off-budget Housing Australia Future Fund to build social and affordable housing and directly support 21,500 full-time jobs across the construction industry and broader economy, per year, over 5 years.
South Western Sydney needs a targeted economic stimulus package that will drive our recovery, to support local households and support local job creation.