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Interest rate hike: blow to Logan residents.

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CRAIG EMERSON Member for Rankin

2 August 2006

Interest rate hike - blow to Logan residents

This week’s interest rate rise - the seventh in four years - is a crushing blow to the living standards of Logan residents, according to Craig Emerson, the member for Rankin.

“Mr Howard went to the last election promising to keep interest rates low, but they have gone up and up ever since”, Mr Emerson said.

A survey of Logan real estate agents conducted by Mr Emerson’s office has confirmed that house prices have more than doubled in the last few years.

Mr Emerson said: “first home buyers are being priced out of the market and existing home buyers are finding it hard to cope with high petrol prices, soaring childcare costs and now another interest rate hike”.

Mr Emerson accused the Prime Minister of trying to have it both ways - claiming credit when interest rates were lower, but blaming everyone else for the succession of interest rate rises.

Mr Emerson said: “the income tax cuts from the last budget have already been swallowed up and Logan residents are now worse off than they were before the May budget”.

Mr Emerson warned that the latest interest rate rise could flow on to even higher rents as frustrated first home buyers instead move into the rental market.

Logan real estate agents have advised of a shortage of rental accommodation, especially in the east.

“Every way you look at it, Logan residents are being put under financial pressure and the government has no plan to fix the problem, Mr Emerson said.