Will Albo bring Keating interest rates down?

In 1975, when Gough Whitlam came to power, Labour’s free higher education program meant I could go to university. I was pretty happy with that because I came from one of the lesser known slums in Brisbane. We voted Labor because we were poor and Labor meant a good hitso…

Interest rates for home loans in 1975 under Whitlam were around 10%.

Then came the Hawke/Keating era.

I always voted Labour, but as a wage earner and potential home buyer I was a little leery of promises and more aware of jobs, inflation and recession issues.

The interest rate on mortgage loans exceeded 18% in 1989 under the “The greatest treasurer in the world”, Paul Keating. When it jumped to 22%, people were in dire financial straits.

It wasn’t just a ‘tighten your belt’ situation, it was misery.

It destroyed ordinary families working two or three jobs to cope with the appalling level of mortgage debt. People literally couldn’t do anything to help themselves, no matter how hard they worked. They saw no way out and suffered family breakdowns, unbearable stress and financial destruction.

It was the era of mortgage foreclosures, with banks repossessing houses (sometimes several on the same street). It was a time when repayments were suspended and debt soared as a result. People couldn’t go into debt by selling. Real estate values ​​had fallen because the economy had turned to a buyer’s market. People lost their homes and families crumbled.

This nightmare can easily be the case again with typical Labor mismanagement.

By the time interest rates rose, I had gotten married, bought a house, and had a mid-sized mortgage.

I started listening to the news and reading the newspapers in an effort to try to make sense of the economic mess our country was then in. I have come to dread the evening news, with predictions of another interest rate hike. We wondered what we could save on and how we could reduce the family budget even more to have more money to feed into the mortgage monster? It was impossible.

I decided to raise the issue of how people were affected by mortgage stress, with the local media. I went to the local newspaper, The Canberra Chronicle, and they published an article on how the ineffective financial strategies of “The Greatest Treasurer in the World” had an impact on people.

When the story came out, it sparked a flurry of phone calls, faxes, and letters from people telling me their stories of financial hardship, asking for help, and expressing their outrage. I have spoken on radio shows, given newspaper and television interviews, and spoken at meetings in capitals and rural towns across the country. People were fed up, as much as I was, with the financial mismanagement of an arrogant and haughty government.

I was no longer going to vote Labor.

The Labor Party of my childhood has been replaced by careerists – the Keatings, the Keneallys, the Kellys and the Whitlams.

I had an argument with then-ALP star Ros Kelly, who angrily said I should drop my review of Keating. She even sat me down in her office in Woden, with the famous whiteboard front and center, while she bandaged me. So, out of spite, I presented myself as an independent against her. Several other independents showed up that year. We wanted these careerists.

Kelly lost his seat and Keating lost the government. We did not need to win a seat in the Senate to win this election.

It was a good feeling to know that people had spoken and stopped the bastards from beating us.

Once Howard was in charge, interest rates began to stabilize. It wasn’t an instant change, but it was better. People might think about living a normal life, working, having enough for a simple vacation, and giving their children a future.

For those of us who weren’t affected by this terrible financial mismanagement, who laugh at my memories, I say, weren’t you the lucky ones… For those who say it wasn’t not so bad, that Keating was an excellent Treasurer and Prime Minister, I say, it is fine for you that your memories are tainted by your politics.

Mine are not.

If a party goes bad, I cut them adrift. I have skin in the game. I care about what happens to people who go into home ownership. I don’t want them to suffer like previous generations under Albanese New Labour.

The difference in the approach to rising interest rates between the Liberals and Labor is that the Liberals are managing the situation before them to avoid outrageous financial stress. They know how to budget and how to respond to pressure. Labor does not. It shows in their history. Google the Reserve Bank’s interest rate history and it will become quite clear.

If you can handle a price increase by getting a cheaper phone plan or disconnecting Netflix, then that’s fine. That’s what we’re talking about under Morrison.

If you need a second job to pay the mortgage and you can’t pay your electricity bills or feed your kids good food, then it’s a disaster. This is the likely outcome under Albanese.

In a 1986 press release, John Howard described what the Keating/Hawke government was doing wrong and how it could fix it. He also predicted the disastrous effects it would have on families paying mortgages. He saw trouble coming that would destroy families and warned Keating he had to fix it. Keating ignored these warnings and everyone but Keating suffered.

Albanese, like Keating, have no skin in the game. They are untouchable, thanks to their lifelong job careers in the Labor Party hierarchy. Neither have ever had a job in the real world.

Now it’s about to happen again. Interest rates are on the rise, due, as before, to global market pressures.

But this time, we have been warned. This time, the first increase was minimal. The Morrison government understands what is happening and is managing it well. They are a team; they control our economy and have guided us through extremely difficult times.

Other countries in the developed world are not doing as well as Australia. America is a basket case and it’s going to get worse for them.

This election is about Albanese’s career and ability to exercise power.

I do not trust a man who passes the baton to his underlings whenever there is a question of finances to manage the Australian economy in a way that will protect the people of this country from economic and social damage , or very high mortgage interest rates.

Do you?

Leslie M. Gill