THANKS FISCAL CONSERVATIVES - MORE INTEREST RATE PAIN TO COME
THANKS FISCAL CONSERVATIVES – MORE INTEREST RATE PAIN TO COME
The Prime Minister and the Opposition Leader are ignoring the mortgage stress faced by homeowners by pursuing inflationary tax cuts which will result in pressure for interest rates to go even higher according to Senator Lyn Allison, Leader of the Australian Democrats.
Her comments follow this morning’s announcement by the Reserve Bank that cash rates will rise again by a quarter of a percent.
“This rate rise is yet another devastating blow for struggling families and farmers facing petrol prices, escalating food costs along with health and education cost blowouts”, Senator Lyn Allison said today.
“And yet those great self proclaimed fiscal conservatives think throwing obscene amounts of cash around is a great idea in an election campaign.
“We support tax reform, particularly for low income earners, but $34b worth of tax cuts is dangerous and irresponsible.
“Policy by porkbarrell is a failed response by both the major parties. Home owners struggling with soaring mortgage repayments deserve better”.
The Australian Democrats say more interest rate rises are imminent and the Howard Government must take responsibility for the rising inflation which was behind today’s rate hike.
“The Howard Government has presided over a massive underinvestment in infrastructure, training and education and that inaction is hurting Australia.
“The answer is not more bad policy – but incredibly that is precisely the option the Prime Minister and the Opposition leader have chosen with their crude votebuying”.
