INTEREST RATES HIGHER FOR LONGER THANKS TO LABOR

TONY PASIN MP

MEMBER FOR BARKER

Shadow Assistant Minister for Infrastructure and Transport

MEDIA RELEASE

INTEREST RATES HIGHER FOR LONGER THANKS TO LABOR

Member for Barker Tony Pasin says that the absence of responsible economic management from the Albanese Government has resulted in the cash rate now at its highest level since 2011.

This week’s rate rise means 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.

“The interest rise is putting further pressure on already strained family budgets,” Mr Pasin said.

“We know that every time there is an interest rate rise, there is an increase in the number of Australians accessing hardship programs from their energy providers, and seeking assistance from charities to help put food on the table.

“This rate rise is the consequence of a Federal Government that has spent the past 17 months with the wrong priorities, distracted, without a plan to tackle inflation and without a plan to lower the cost of living.

“Instead, while the RBA has its foot heavily on the brake trying to cool the economy, Labor has added $188 billion of new spending, which is only going to keep inflation higher for longer.

“As a result, interest rates are going to be higher for longer and its hardworking Australians who are paying the price,” Mr Pasin said.

Media Contact: Charlotte Edmunds 8724 7730