Many Australian households 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.
Acting Shadow Treasurer, Senator Jane Hume said that this interest rise is going to put further pressure on already strained family budgets.
“Last week’s ABS data showed that mortgage costs are having a significant impact on the living costs for Australian families, and this interest rate rise is going to make it even harder for those households already doing it tough to make ends meet.
“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 government that has spent the past 17 months with the wrong priorities, 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.
“The Albanese Labor Government’s lack of a plan to tackle inflation is gambling with Australians money and with our economy.
“As a result, interest rates are going to be higher for longer and its hardworking Australians who are paying the price.”
