Coalition to blame for rise in fixed rate home loans:Swan
Ten interest rate rises under the previous coalition government were the driver for an increase in the number of fixed rate mortgages, federal Treasurer Wayne Swan has told parliament.
New opposition treasury spokesman Joe Hockey had asked Mr Swan whether he regretted talking up inflation after the November 2007 federal election given that 75,000 people subsequently locked into fixed interest rate loans.
“Hasn’t the treasurer made the global financial crisis far worse for at least 75,000 Australian families,” Mr Hockey asked in parliament.
The question was misleading, Mr Swan countered, accusing Mr Hockey of having the hide of a rhinoceros.
Between May 2002 and November 2007 fixed-rate home loans increased to 23.9 per cent of all mortgages - a three-fold increase - the treasurer said.
His predecessor Peter Costello had spent like a “drunken sailor” at the wrong time of the economic cycle.
“That is why so many people are caught in the predicament that they are sadly in today.”
AAP
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steve February 24, 2009
Why not blame the rain, or the Irish…for gods sake, Swanie your full of crap, just get on with fixing the problem, oh here’s a tip, when your trying to fix the home loan market, ask all concerned to attend these meetings, not just the bureaucrats who make decisions based on numbers and not on what & who will affect the decisions.