HOWARD GOVT ADDS $70,000 INTEREST TO TYPICAL HOME LOAN FOR WORKING FAMILIES

Today's interest rate rise will put families under even more financial pressure and shows the Howard Govt is failing to manage the economy in the interests of ordinary working Australians says the ACTU.

ACTU President Sharan Burrow said:

"Today's interest rate rise means an extra $70,000 in interest repayments has been added to a typical 25 year family home loan since the last election in 2004 when the Prime Minister promised to keep interest rates at record lows.

"Since the last election, working families have seen interest rates go up five times and have had their job security and conditions like penalty rates and overtime put at risk by the Howard Government's IR laws.

"This all adds up to more pressure on working families, many of whom are now struggling to keep their heads above water," said Ms Burrow.

PRO-WORKCHOICES ADVERTISING SHOWS BIG BUSINESS SELF-INTEREST

The pro-WorkChoices ads being launched today by big business are just an exercise in naked self-interest, says the ACTU.

"Profits are at record levels, executive salaries are through the roof and it is not surprising that big business wants to hold on to what they have got from John Howard's unfair IR laws.

"The problem for the Prime Minister is that he has listened too much to big business and has lost touch with the needs of ordinary working families.

"The WorkChoices IR laws have taken away people's job security, undermined their take home pay and have made young workers vulnerable to exploitation.

"Ordinary working families know this and will see though these big business ads.

"These ads are about nothing more than an attempt by a group of Liberal Party supporters in the big business community to help out the Howard Government by promoting its unpopular and unfair IR laws," said Ms Burrow.

Media Contact: Ian Wilson ph 0408 513 849