Social Commentator

Retirees battling a cash crunch

All we have ever heard for the last eight years is how the mortgagee belt is suffering and needs a drop in the mortgage rate. The RBA has obliged. Yet the RBA is required to look after all Australians not just mortgagee whingers. The manufacturing industry wants the Aussie dollar devalued, drop the cash rate. The RBA obliges. What about taking a 25% cut in wages like retirees: Oh no, they holler. The usual suspects have continued to enjoy record levels of welfare under Labor along with the non preforming sectors of the labour force such as the car industry which has got massive cash support. The government and the community seem to forget that retirees have all bought and paid for their homes and have endured greater hardship with Keating’s 18% interest rates than the current namby pamby situation. Anyone over 55 who votes Labor has rocks in their head. Sack the Reserve Bank. A cash rate of 1.5% is an act of terrorism against retirees and the wealth of middle class Australians.