Opposition Leader Tony Abbott was today caught peddling more of his misleading statements on the economy and interest rates.
The reality is Tony Abbott and the Coalition have an appalling record on interest rates.
The five interest rate facts Tony Abbott wants to forget are:
- At 3.25 per cent the official cash rate is lower than it was at any time under the last Liberal government and is less than half the level it was when the Liberals left government
- Families with a $300,000 mortgage are paying $4,500 a year less now than they were when Tony Abbott was last in government – a figure based on current standard variable rates, not the cash rate
- Interest rates went up 10 times in a row under the former Liberal Government
- Tony Abbott opposed our ban on mortgage exit fees
- Shadow Treasurer, Joe Hockey, and Shadow Finance Minister, Andrew Robb, have repeatedly given the green light to the banks to hold back rate cuts.
Under this Labor Government, rates have kept coming down and our responsible fiscal management will continue to give the RBA the flexibility it needs.