Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Kiwis drowning in debt in out of control housing market

Phil Twyford

MP for Te Atatū

Housing Spokesperson

MEDIA STATEMENT

29 September

Kiwis drowning in debt in out of control housing market

New statistics reveal Kiwis are taking on record levels of debt in order to get into the housing market, as prices continue to outstrip incomes, says Labour’s Housing spokesperson Phil Twyford.

Stats NZ has today revealed real estate loans now make up a whopping 87% of all individual debt.

“Kiwis are drowning in debt as even middle income families mortgage themselves to the hilt to get a foothold in a runaway housing market.

“Hundreds of thousands of Kiwi families are sending an ever increasing portion of their income to the Aussie banks each week, leaving them with less to live on.

“They are so indebted that for many even a slight increase in interest rates could send them underwater.

“According to the Reserve Bank, since National came to office, housing debt has grown from $161 billion to $223 billion. This is an increase of $62.5 billion or 39 per cent. We’ve got to do better.

“National’s reckless refusal to intervene in a runaway housing market is putting Kiwis’ financial wellbeing at risk.

“For eight years, National has sat on its hands and let the housing crisis get worse and worse. Only Labour’s plan to build new affordable homes and crack down on property speculators can fix this crisis,” says Phil Twyford.


ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Erebus Memorial In Parnell

Social media can be a wonderful tool for bringing people together in a common cause. It can also be a seedbed and spreader of mis-information on a community-wide scale. To which category do the protests against the siting of an Erebus memorial (to the 257 New Zealanders who died in that tragedy) in a secluded corner of a Parnell park happen to belong? IMO, it is clearly the latter, and the reasons for thinking so are explained below... More>>

 

National: Proposed Hate Speech Laws A Step Too Far

Reports of the Government’s proposed new hate speech laws go a step too far and risk sacrificing the freedoms New Zealanders enjoy, National’s Justice spokesperson Simon Bridges says. “The reforms are supposedly including protections to every ... More>>

ALSO:

Agriculture: Government To Phase Out Live Exports By Sea

The Government has announced that the export of livestock by sea will cease following a transition period of up to two years, said Agriculture Minister Damien O’Connor. “At the heart of our decision is upholding New Zealand’s reputation for high ... More>>

ALSO:

Norman Gemmell: New Zealand’s New Housing Policy Is Really Just A New Tax Package — And It’s A Shambles

Norman Gemmell , Te Herenga Waka — Victoria University of Wellington Economists like to talk about “optimal policy instruments” — essentially, policies that achieve their objectives more effectively or efficiently than the alternatives, and ... More>>

Claire Breen: ACC’s Policy Of Not Covering Birth Injuries Is One More Sign The System Is Overdue For Reform

Claire Breen , University of Waikato Recent media coverage of women not being able to get treatment for birth injuries highlights yet another example of gender bias in healthcare in New Zealand. More>>

Police: Police Accept Findings Of IPCA Report Into Photographs Taken At Checkpoint

Police accept the findings of a report by the Independent Police Conduct Authority (IPCA) relating to photographs taken at a checkpoint in Northland. On November 16, 2019, Police set up a checkpoint down the road from a fight night event in Ruakaka ... More>>

ALSO:

Health: Drug-Testing Law To Be Made Permanent

Interim legislation that is already proving to keep people safer from drugs will be made permanent, Health Minister Andrew Little says. More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels