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Wayne, stop the spin and tell the truth



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MEDIA RELEASE

THE HON JOE HOCKEY MP

SHADOW TREASURER

Monday, 2 April 2012

WAYNE, STOP THE SPIN AND TELL THE TRUTH

Treasurer Wayne Swan’s latest economic note proves again that he is not across his portfolio.

Wayne says Australia’s “net debt will peak this year”. This claim is at odds with the latest update in the 2011-12 Mid Year Economic and Fiscal Outlook, which shows net debt peaking at $135.7 billion in 2013-14, after increasing by a massive $180 billion since 2007-2008.

Wayne also says “a family with a $300,000 variable mortgage is now paying around $3000 a year less in repayments since Labor came to office”.

This statement is at odds with Reserve Bank data which show that since Labor came to office, the standard variable mortgage rate has averaged 7.5%, one quarter of one percentage point higher than under the previous Coalition government. For a home loan of $300,000 this difference represents an increase of $750 a year, or $62 a month.

Standard Variable Mortgage Rate

Coalition

(Mar 96-Nov 2007)

7.26%

Labor

(Dec 07-Feb 12)

7.50%

Wayne, stop the spin and tell the truth.

[ENDS]