Today, the Reserve Bank raised interest rates again. This is going to put even more pressure on local families.
Many Victorian households will be at the kitchen table tonight, doing the mortgage sums. After 16 rate rises, an average new mortgage now costs over $30,000 a year more in interest than when Labor was elected.
Their loan will take longer and cost more to repay, which means less money for groceries and bills.
Local renters are hurting too. High rates push up rents and push home ownership further out of reach.
Labor wants to blame global events, but you can’t be unlucky 16 times.
Unfortunately, Australia has had more rate rises since Labor was elected, than any major advanced economy.
And at 4.6%, our cash rate is now the highest it has been in 15 years
While local families have tightened their belts, Anthony Albanese hasn’t.
Under Labor, spending as a share of the economy is the highest in 40 years, outside the pandemic. That fuels inflation, which is also higher than any major advanced economy.
It does not have to be this way.
The Liberals have a plan. We will put a speed limit on spending and restore budget discipline. We will cut taxes, back small business and reduce red tape to lift productivity and grow the economy without fuelling inflation.
That is how we will take the pressure off inflation and interest rates, and lift living standards for families in our community.
Read more about our plan here.