Crank the Croc
ANYONE with a mortgage would be all too aware that prior to last week’s single cash rate cut of 0.25 percentage points, there just happened to be that a rather inconvenient and record-setting 13 straight rate rises.
It was that unlucky number that has helped deliver the pain so many households have felt over the past couple of years.
It explains why landlords put rents through the roof, why wannabe homeowners couldn’t borrow as much and basically why the world has gone to hell in a handbasket.
So one itty bitty rate cut – one that amounts to about $75 in savings per month on a $500,000 mortgage – is not going to rock anybody’s world. Worse still is that I got the impression the RBA didn’t even really believe in what they were doing, such is the political noise ahead of a soon-to-be-announced election.
That is, don’t count on many more cuts this year.
How that plays out politically is anyone’s guess. Is it the stress reliever Labor hopes households need, or, after years of inflation will voters just sniff their nose at the meagre scraps of a $75 saving?
North Cabo!
I DIDN’T realise that we were renaming Beerwah, but there you have it.
It all boils down to a couple of social housing blocks that are being built, which will amount to 100 more units or thereabouts and suddenly we’re the Bronx.
Except the nickname is so much worse… Some wag has decided the hinterland town should be referred to as ‘North Cabo’.
Wow, low blow.
It’s funny how quickly we can call in the undertakers and write off our backyards.
The council is playing into the hands of the ‘wrong side of the tracks’ argument though. Speaking of, what’s the wrong side of the track when it splits a town in two.