Clive Palmer admits home loan scheme could inflate house prices

“That could be a possibility, but I don’t foresee that happening,” Palmer said. “It doesn’t matter what happens because we say the priority is that Australians don’t want to lose their homes.

“Because if you lose your home there’s a lot of social disruption, crime and family breakdown. It’s a disaster for all Australians.

It has been 40 years since the Federal Government set interest rates, which are now determined by the cash rate set by the Independent Reserve Bank of Australia.

Interest rates are expected to take center stage in the final weeks of the election campaign, with the RBA widely expected to start raising interest rates on Tuesday, although that could wait another month after the election.

Mr Palmer, whose personal worth was valued at $9 billion in last year’s AFR Rich List, said former Deloitte partner turned UAP candidate Domenic Martino modeled the home loan policy of 3 % of the party, which would not apply to commercial loans.

He said modeling showed that if interest rates hit 8%, 80% of mortgages would fail. He refused to release the modeling to The Australian Financial Review.

While Mr Palmer’s ‘Shifty Shorten’ adverts helped to torpedo Labor leader Bill Shorten and the ALP in the 2019 ballot, this election Mr Palmer has both Prime Minister Scott Morrison and the leader of the opposition Anthony Albanese in his sights.

Labor leader Anthony Albanese looked uncomfortable in his new suits, according to Mr Palmer. Alex Ellinghausen

The news that Labor and the coalition had decided to favor the LNP only emboldened the UAP founder.

“They are both equally bad. Morrison has reached the point of no return. People don’t believe what he says,” Mr. Palmer said.

“And Albo is so confused as a left-wing person trying to act like a centre-right person. He looks uncomfortable in the new coats and glasses he’s wearing – the way he likes to look trendy.

“He never dressed like that for me. When I was in parliament, he was sweating a lot because he was overweight.

Mr Palmer, who made his fortune in an iron ore building in Western Australia, spent more than $60million in the 2019 election, helping to sink Labor. At the time, he said it was worth every penny.

Opinion polls show that up to 30% of voters are still undecided.

“We will take care of the debt. Labor and Liberals don’t mention the debt,” he said.

“We will get rid of the debt through our tax on iron ore exports, so Australians don’t have to pay it.”

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