INTEREST RATE RISE SLUGS FAMILES FOR $199 MORE A MONTH
November 7, 2007

Families will be at the kitchen table tonight working out how to make ends meet with another interest rate rise.

Bob Debus, Labor candidate for Macquarie, said that today's interest rate rise meant families in Macquarie would now pay around $199 more a month since Mr Howard promised to "keep interest rates at record lows".

Today's interest rate rise alone will add $34 a month to the typical mortgage in Macquarie.

For many local families, that means one less family outing this month.

This is the sixth straight interest rate rise since Prime Minister John Howard's misleading promise at the 2004 election. Mr Howard has well and truly broken that promise.

Mr Howard has lost touch with families in Macquarie.

Data from the Australian Bureau of Statistics' 2006 Census shows that the typical mortgage in Macquarie is $202,000.

Today's interest rate rise means mortgage repayments are up by:

* $199 after six rises since 2004 election
* $326 after 10 straight rises since 2002

These payments are now eating up 24 per cent of family income.

Today's news will put more pressure on families already hurting from:

* 42 per cent increase in petrol since 2002
* 21 per cent increase in food costs since 2002
* Child care costs doubling under Mr Howard

Families have a right to know how Mr Howard can say "working families in Australia have never been better off"' when it's so hard to make ends meet.

Federal Labor has a plan to fight inflation – helping to put downward pressure on interest rates and ease the cost of living pressures on families.

Labor's plan includes helping families face cost of living pressures by providing:

* A 50% child care tax rebate, up to $7,500 a year on child care costs
* A 50% education tax refund on eligible expenses of up to $750 for primary school kids and $1500 for secondary school students.