When it comes to the question of who pays the mortgage interest, the answer is that New South Wales and Victoria do: well over half of the national interest payable in fact.
While this might seem surprising, in fact the share of interest paid by the largest two states has declined over the past two decades.
The reason for this has been the expansion of both the population and mortgage sizes in Queensland (its share of the mortgage interest pie increasing from 15 per cent to 19 per cent) and Western Australia (its share increasing from 9 to 13 per cent).
The changes elsewhere have been negligible when viewed from the national level.
Despite the Australian population having increased by well over 1 million persons (or about 4.7 per cent) over the past three years, total interest payable has declined by nearly 22 per cent thanks to the slashing of interest rates.