Today’s interest rate rise is the fifth since the last election, when the Coalition promised to keep interest rates at record lows.

Interest rates have now risen nine times in a row.

John Howard has lost touch with the financial pressures on households. Official data shows households are carrying three times the level of debt they did almost 20 years ago, and with three times the debt, rate rises have three times the impact.

Today’s rise will particularly hit mortgagees in Grayndler. Recently released 2006 Census data shows that 30.9% of households in Grayndler are now paying more than 30% of their gross income in mortgage repayments. Today’s interest rate rise will not only add to the burden of those already struggling, but will push even more people into this category.

Labor has outlined a detailed plan to keep downward pressure on interest rates, by implementing economic reforms that will reduce inflationary pressures in the economy through investing in skills and essential infrastructure.

A Rudd Labor Government will also establish a new Housing Affordability Fund to invest up to $500 million to save new homebuyers up to $20,000 on a home purchase - and boost supply.

A Rudd Labor Government will respond to the financial pressures on families, not simply tell them that they’ve never been better off.