Although it is only a few months since Labor has won the election the interest rates are still going up. Naturally Labor is blaming it on the preceding Liberal Government and although there were interest rises during the Liberal party’s final years at least Costello had held the banks under a tight reign making sure that they only raised interest rates when the Federal Reserve Bank raised theirs, something Swan was unable to do.
It’s funny that Swan has also promised that there won’t be any more tax cuts after Labor has delivered the promised $31 million tax cuts. Instead the surplus will be ‘quarantined’. So I suppose that as inflation goes up, along with interest rates, petrol prices and all other general living expenses, Swan believes that the Australian public is no longer entitled to tax cuts.
