Nov 7, 2008

Grayndler Home-Owners get Rate Relief

Grayndler Home-Owners get Rate Relief

MEDIA RELEASE

The Hon Anthony Albanese MP

The Minister for Infrastructure, Transport,

Regional Development and Local Government

Leader of the House

Member for Grayndler

November 7 2008

Anthony Albanese said this week’s interest rate cut of 0.75 per cent would be good news for Grayndler families.

Albanese said, while he was disappointed the major banks hadn’t passed the full rate cut on to customers, it would still bring relief to local mortgage holders.

“This is a vital rate cut directed towards further strengthening our economy in these uncertain global conditions – the worst since the Great Depression.”

“Grayndler families know that the impact of the global financial crisis is biting as the economy begins to slow – that’s what makes this rate cut so critical.”

“The action by the Reserve Bank underscores the extent to which the global financial crisis is impacting on our economy.”

“We welcome this decision – it’s a sensible one at such a tough time for local families and the global economy.”

“We have some of the highest house prices in Australia in Grayndler so the relief is welcome.”

Mr Albanese said official rates had now dropped two full percentage points over the last two months.

“Given the average mortgage in the Inner West, home-owners will be saving hundreds of dollars a month compared to the beginning of the year.”

Mr Albanese said the Rudd Government is determined to do everything it can to strengthen and protect the Australian economy from the global financial crisis.

“That’s why Kevin Rudd and Wayne Swan have announced the $10.4 billion Economic Security Strategy – to give families, pensioners and first home buyers extra assistance in these tough times.”

“Australians can rest assured we are taking the right, decisive action to give relief to families and strengthen our economy in the face of this global financial crisis.”