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Rudd's money for nothing starting to hit households
02-December-2009
MEDIA RELEASE
For immediate release
Rudd's money for nothing starting to hit households
With the announcement by the Reserve Bank yesterday that interest rates will rise for the third month in a row, households will be feeling the pressure by Christmas.
“Yesterday’s interest rate rise is a sorry reflection on Labor’s incompetent boom, bust economic management,” Member for Farrer, Sussan Ley said.
“This is bad news for homebuyers, small business, big business and families. There are very few (if any) people who won’t be impacted by this.”
This is the third month in a row where interest rates have risen and is without precedent. Australia’s interest rates are now among the highest in the western world.
“The Australian dollar will remain high, which is dreadful for battling exporters and farmers in their tenth year of drought. Ms Ley said
“This reiterates that the Government has panicked in reaction to the global financial downturn and that much of their stimulus spending has been off target and wasteful.”
“The Budget surplus left by the Coalition in 2007 was envied worldwide when the GFD hit and, now in just two years, we are facing a record $153 billion debt with monthly interest payments of at least $680 million (and that was before yesterday’s decision).”
“It concerns me that essential services may be cut to meet those payments” she said
“Mr Swan has allowed unmanaged, unnecessary spending. Excessive spending comes at a price as any business or householder knows, but now because of egotistical spending by this Government every Australian will pay the price in one way or another with the pain of more interest rises.”
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Media contact: Debbie Brown (02) 60213264 0428 297 699