Yesterday ANZ announced yet another interest rate rise of 10 basis points lifting the bank's standard variable home loan rate to 9.47 per cent. With inflation now above the 4 per cent barrier, homeowners may be hit again by another official interest rate rise by the Reserve Bank.
Treasurer Wayne Swan is expected to repeat assurances that the May 13 Budget will have good news for working families as well as containing broad spending cuts which he says are needed to keep inflation down.
But the Federal Government has been forced to revisit a host of sensitive budget decisions as senior Ministers struggle to find the demanded billions of dollars in savings.
Homeowners not only have to deal with the rising cost of petrol, food and power affecting everyone, but also higher mortgage repayments caused by interest rate rises and the tough times look set to continue.
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