Interest rate rises will hurt Australians

Tuesday, 07 June 2022

Today is a tough day for the 3.5 million Australian families that have a mortgage.
The interest rate rise announced today by the Reserve Bank of Australia will hurt many Australians, who are already feeling the pain of rising prices.
Making ends meet is hard in an inflationary environment. It’s even harder when interest rates are rising.
The single most important thing any government can do to help ease inflationary pressures is to improve their budget position.
In Government, we delivered the largest budget turnaround in more than 70 years. A $100 billion turnaround.
Unnecessary Government spending will only fuel higher inflation and higher interest rates. Australians don’t need that.
The Albanese Labor Government has committed to an additional $18.3 billion of spending, along with $45 billion in off-budget funds. This is a recipe for ruin, not recovery.
Respected international credit rating agency S&P Global has warned of the risk to Australia’s AAA credit rating from Labor’s increased spending.
The Labor Government must outline its plan to ease cost of living pressures and put downward pressure on inflation.  Australians can’t afford to wait for Labor to get its act together.