Today’s interest rate rise, the ninth since 2002, will put additional pressure on already stressed Canberra families, say Federal ACT representatives, Senator Kate Lundy, Annette Ellis MP and Bob McMullan MP.
“These families have been repeatedly told by John Howard that they have never been better off, when owning a home is out of the reach of many Australians and those with mortgages are under growing financial pressure” said Senator Kate Lundy.
The cost of living in Canberra has skyrocketed – driven by increased mortgage repayments, rising rents, higher grocery and petrol prices on top of escalating health, education and childcare costs.
This is the fifth rate rise since Mr Howard promised at the last election to keep interest rates low, with rates now at a 10-year high.
“Canberrans are working harder for longer hours than ever before and, in addition to the crippling increases in living costs, are also having their employment conditions and job security threatened by individual contracts,” said the Federal Member for Canberra, Annette Ellis.
“With average house prices in Canberra significantly above the national average, this increase will make covering the basic costs of living even more difficult for ACT families. This latest rate rise will surely be passed onto renters in the form of higher rents, making it even harder to save for a house deposit.”
“Having promised to keep interest rates at record lows if he was re-elected, John Howard now blames the States and Territories for an undertaking he knew could not be kept. He has lost touch with working families and is desperately trying to shift the blame” said the Federal Member for Fraser, Bob McMullan.
“We urge local residents who are under serious financial pressure to get some professional financial advice. Don’t ignore the warning signs until it is too late.”
Affected families may seek financial assistance and advice from local organisations. The contact details for local organisations are:
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CARE Financial Counselling Service offers counselling with qualified financial planners and also has a number of free booklets to help you with budgeting and debt management. Call CARE on 6257 1788. |
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Salvation Army Moneycare Program for people in crisis call 6247 3635. |
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St Vincents de Paul for people in crisis, call 6282 2722. |
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Anglicare Community Services call 6230 5113. |
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Canberra Family Support Service – Centacare 6162 6100. |
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Smith Family provides crisis care and budgeting advice – call 6285 4000. |
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Centrelink Customers can contact their local Centrelink office to arrange to speak to a Financial Counsellor. |
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Retirees can also seek advice from the National Information Centre on Retirement Investments who can be contact on 1800 020 110. |
Contact: Meg Martin – 0422 409 614 (Lundy) Annie Williams – 0415 871 540 (McMullan) Ash Musgrove – 0419 020 419 (Ellis)
