Households across Groom will be struggling with the news of today’s interest rate rise, which takes the cash rate to its highest level since 2011.
Australians with a mortgage of $750,000 will now be paying almost $2,000 more each month. That’s $24,000 more a year that they will need to find.
Federal Member for Groom, Garth Hamilton said this interest rise is going to put further pressure on strained family budgets.
“We saw last week the latest data from the ABS which showed that mortgage costs are having a significant impact on the household budgets and hurting cost of living for families.
“Now this pre-Christmas interest rate rise is going to be even harder to cop for those households already doing it tough to make ends meet.
“Each interest rate rise delivers an increase in the number of people seeking assistance from local food assistance programs, accessing energy relief through hardship programs and mortgage relief from banks.
“This is a government without a plan to tackle inflation and without a plan to lower the cost of living, it has been focused on the wrong priorities,” Mr Hamilton said.
The Albanese Government has been described as having its eye off the ball when it comes to the economy and cost of living pressures on families.
“The government is continuing to point the finger at everyone else except itself. While the RBA has been trying to tame inflation Labor has added $188 billion of new spending, further fuelling inflation.
“Inflation is still far too high. It’s sticky. It’s not going away. We need the government to be focused on fighting inflation and cost of living,” Mr Hamilton said.
Ends.
- Labor promised Australians would be better off under an Albanese Government – that it would bring down the cost of living and that life would be cheaper.
- As Chris Richardson told the Australian newspaper: “Inflation has ticked up and it’s not just petrol, it’s not just the Middle East, it is popping up in new areas of the Australian economy and that makes it a bigger juggle.”
