Interest Rate Cash Boost For Melbourne Ports Homeowners

Interest Rate Cash Boost for Melbourne Ports Homeowners

Friday, 08 June 2012 00:36

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Michael Danby
Federal Member for Melbourne Ports

Federal Labor Member for Melbourne Ports, Michael Danby said that the Reserve Bank’s decision on Tuesday to cut official interest rates is a win for every Melbourne Ports small business and family with a mortgage.

“Tuesday’s cut in interest rates is a win for Melbourne Ports households and small businesses."

It’s also evidence of why it’s so important to be returning the budget to surplus like the Gillard Government is doing.

For a family on a $300,000 standard variable rate mortgage is now paying more than $3,500 a year less in repayments than when the Liberals left Government".

Mr Danby said the decision by the Reserve Bank added to the relief the Gillard Government is already providing in the Budget through the Schoolkids Bonus the Liberals opposed and our tripling of the tax free threshold.

Mr Danby said the equivalent of five interest rate cuts we’ve had since November have been made possible by our disciplined approach to the Budget.

By contrast, Mr Danby said that it was important to remember that under the past Liberal Government, rates went up 10 times straight which hurt many families when they promised to keep rates at record lows.

Mr Danby also highlighted the strength of Australia’s economy and how the Gillard Government is working to sharing the benefits of the boom and our strong economy with working Australians.  
“It’s no secret that Australia has one of the strongest economies in the world.  We’re expected to outperform every major advanced economy over the next two years.

But we understand that many Australians feel like it’s someone else’s boom.

“That’s why at the centre of this year’s budget was a Spreading the Benefits of the Boom package to give every Australian a stake in the mining boom", said Mr Danby.  

Background

Delivering a new cash payment to 2,500 local families with kids in schools. Parents will receive $410 for each child in primary school and $820 for each child in high school as part of the new Schoolkids Bonus.

Increasing family payments by up to $600 for more than 4000 local families. Flowing from July next year, this extra support will be made to families currently receiving Family Tax Benefit Part A payments.  

Providing extra money to help pay the bills to 6331 local young people, single parents and the unemployed currently receiving allowances. Singles will receive a $210 lump sum payment while couples will receive $350.