Sorry Home Owners

News.com.au - Kevin Rudd and Mr Swan argued strongly during the election campaign that they did not want the banks to raise interest rates unnecessarily and punish families because of the global credit crisis. However, Mr Swan, now on holiday at the Sunshine Coast, said the banks had commercial considerations to make in putting up rates. "Well, they are simply passing on rate rises which are a consequence of increases in the cost of borrowing," Mr Swan said. "It's not an increase in the official cash rate. They certainly have indicated that they've waited as long as possible in terms of their commercial operations to pass on increased costs. These are commercial decisions that the banks take."

Opposition Treasury spokesman Malcolm Turnbull said the Government had to ensure it delivered to voters its promise to keep living costs under control. "Wayne Swan got elected on the basis that he and Kevin Rudd would take care of the cost of living: interest rates, petrol prices, grocery prices. But now rates and petrol are going up, all we get from Swan is an impotent expression of sympathy and a justification for the banks that would qualify Swan for a public relations role with the Australian Bankers Association."

But that was back then, things change you know. Kevin07 was exactly that, Kevin07, it's 08 now suckers, like the save-the-whales sham, better luck next time. You know those promised taxcuts towards June/July, perhaps you were thinking that the taxcuts might cover the higher repayments. They haven't said otherwise but I hope you lot ain't holding out for them, I wouldn't, you see that was back in Kevin07, it's 08 now and like I said, things change.