the senate is where you make your vote count that is where the power is Before you vote ask mum and dad what it was like to pay 17% interest rates on a house mortgage
You do know that the high interest rates of the 80's were a result of the Reserve Bank trying to put the breaks on a booming economy. We had
double digit inflation and the only way to claw it back was to place artificial restraints on the economy. I personally watched interest rates go from 13% to 18% after I bought my first place.
The world economies around us didn't help. There was high demand for our resources and wage growth was spiralling.
So yes, high interest rates are bad if you have a mortgage/ awesome if you have your money in cash or are a self funded retiree.
I think the angle of your post was to imply that Labor was in charge back then and a vote for Labor would result in interest rates going crazy ? Yeah that's just a irresponsible scare tactic. Interest rates have spiked historically under both parties (see below). It's far more about the world economy than it is about a political party's economic prowess.
The LNP label themselves as the best economic managers. Remember the rhetoric when they were trying to oust the Rudd/Gillard/Rudd governments ? They were saying that Labor were creating so much debt that our grandchildren will be stuck with it for generations. Nek minute this current Government have doubled the debt since Abbott was elected in 2013. Again this is more about the world economy than one party being more fiscally responsible than the other. Even with the current Government trying to sell their last budget being a "surplus" budget, it's a projection into future years and all it will do is maintain the debt, rather than pay it off.
IMHO merkins are way too obsessed with debt. Whilst interest rates are historically low, we should be taking advantage of this and securing infrastructructure for the future (alternative power generation, high speed rail to regional Sydney & Melbourne etc and do something smart about the water crisis in the inland areas).
/rant
