I noticed this article while surfing today.
Australia has not become the once touted Banana Republic of the the Hawke - Keating regime.
If anything we're suffering overemployment - the unemployed rate is at 6%. We're certainly not suffering 18% interest rates, and certainly don't entertain a Treasurer who describes his own country as "the ass end of the earth" !
The fact is - we still had 1.5% economic growth in the last quarter, as opposed to the previous regime who thought it quite wonderful that we had a "recession we had to have".
Speaking of the "R" word ... if the government should have directed the Federal Reserve to lower rates 0.25% instead of raising them the same amount, just where do you think the savings would have gone ? More Plasma Screens, DVD Recorders, etc. Just like the baby bonusses were meant to be for a childs future, money saved from interest rate cuts should be saved for the future of Australia. Invest it so that we can build the infastructure so badly needed.
Besides anyone paying their monthly mortgage payment at the bare minimum, instead of a payment equivalent to an interest rate approx 1% higher really is over-extended and very foolish by not planning for the future.
You can read more at shannonsays.com
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Technorati Tag Australian Politics