@KevinRuddPM damned with his own mouth

The promise: Australian home owners have now been hit with their ninth interest rate rise in a row, the fifth since the last election… Housing affordability is now at a critical level… I’ll ... keep the budget in surplus on average over the economic cycle and implement policies to fight inflation, all designed to keep interest rates low. The delivery: The major lenders have moved quickly to pass on the Reserve Bank’s interest rate rise… This is the fifth hike since October and takes rates to their highest in 14 months. And: MORTGAGE rates are predicted to hit a horror 10 per cent within the next two years as the Reserve Bank hikes rates to prevent runaway inflation. And: Mr Swan’s appeal for restraint comes as housing affordability in Australia’s state capitals - particularly Melbourne - approaches its worst levels in history because of immigration and a chronic lack of supply. And: The ...Labor government has forecast a record $57bn deficit for the current fiscal year, which ends on June 30, or 4.7 per cent of gross domestic product, with a return to surplus expected in 2015-2016. Andrew Bolt

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