Mark Bouris Slams Interest Rates and Albanese Government Spending

Yellow Brick Road founder launches campaign urging Australian homeowners to fight back against rising mortgage repayments

Greek-Australian businessman and Yellow Brick Road founder Mark Bouris has taken a public swipe at rising interest rates and the Albanese government, calling for major spending cuts as mortgage holders face mounting financial pressure.

Bouris staged a symbolic boxing stunt in Sydney’s CBD on Monday to launch Cut It, a new campaign encouraging homeowners to challenge their banks over mortgage rates and seek more competitive loan deals.

The event comes as Australian borrowers prepare for another potentially damaging interest rate increase, with the Reserve Bank of Australia (RBA) expected to lift the cash rate at its November meeting.

Read more: Tom Panos Blasts Albanese and Chalmers Over Australia’s Economy: ‘Nobody Gives a Stuff’

According to Yellow Brick Road, the average Australian home loan repayment is now approaching $4,400 a month. The mortgage group has also reported a record number of refinancing enquiries over the past month.

Speaking to Mortgage Professional Australia, Bouris urged borrowers who believe their bank is not offering a competitive rate to approach a mortgage broker.

“If your bank won’t cut your rate, won’t be competitive on your rate, then go see one of your brokers,” Bouris said.

Drawing on four decades in the mortgage industry, he argued that borrowers should not assume their existing lender is offering them the best deal.

“There’s always someone who lends cheaper,” he said.

Bouris calls for 20 per cent government spending cuts

Bouris also directed his criticism towards Canberra, identifying government spending as the policy area he would most like to see changed.

His proposal is to cut government spending by 20 per cent across the board, arguing that reducing domestic demand could help ease inflationary pressure and reduce the need for further interest rate increases.

He said mortgage holders and renters were both feeling the effects of higher borrowing costs, arguing that the financial pressure extended to approximately 60 per cent of Australians.

Bouris also called on the Albanese government to refocus its attention on working Australians, including tradies, transport workers, shopkeepers and other everyday Australians.

He criticised what he described as government spending on overseas engagements while households struggle with the cost of living.

“Do your job. That’s what you’re getting paid for,” he said, directing his comments towards the government.

However, Bouris made clear his criticism was not an endorsement of the Coalition or other opposition parties.

He said his focus was on holding the elected government accountable for its economic decisions.

Banks face renewed pressure over mortgage competition

Bouris’ campaign comes amid growing competition between mortgage brokers and Australia’s major banks, with lenders increasingly promoting their own proprietary home loan products.

He acknowledged that banks have commercial reasons for encouraging customers to borrow directly, rather than through brokers, but argued that consumers ultimately want choice.

He maintained that mortgage brokers can help borrowers identify more competitive products, provided they act in their clients’ best interests.

RBA decision puts borrowers on edge

The campaign comes ahead of today’s Reserve Bank of Australia (RBA) interest rate decision, due at 2.30pm AEDT on Tuesday, November 3, with another rate hike expected to put further pressure on Australian mortgage holders.

Major Australian lenders have shifted their interest rate forecasts, with Westpac’s chief economist identifying a November rate increase as the bank’s base-case expectation.

Any increase would add further pressure to households already dealing with elevated mortgage repayments and rising living costs.

For Bouris, the message to homeowners is straightforward: borrowers should not simply accept their bank’s interest rate without exploring whether a better deal is available.

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