Interest Rate Cut Indicates Swan Failure: Elliott

Member for Baulkham Hills David Elliott has slammed Federal Treasurer Wayne Swan’s handling of the economy evidenced by the lack of confidence in the local retail and real estate sectors.

 Mr Elliott said that Mr Swan taking credit for a rate cut was a demonstration of Mr Swan’s economic illiteracy.

 “Wayne Swan thinks an interest rate cut is something for him to boast about when in fact the current drop is a clear sign of an economy which is struggling,” Mr Elliott said.

 “The need for this rate cut is reflected in the procession of vacant shopfronts that are visible from a walk up Old Northern Road and through Stockland Mall in Baulkham Hills.

 “If Mr Swan thinks closed shops and business failures is something to boast about then I shudder to think what conditions he calls bad.

 “Is it any wonder that Australians have no confidence in the national economy when their Federal Treasurer is on an anti-business crusade?”

 Mr Elliott congratulated locally based financial institutions who were actively attempting to properly stimulate the economy.

 “Recently I have had some very helpful discussions with Sydney Credit Union at Rouse Hill and I am impressed with the way in which they are lowering their interest rates and working with local families and business in an attempt to kick start the local economy.

 “The disposable income of Hills residents can easily be increased further with a November rate cut, which is necessary to revive an economy struggling under the crippling burden of Federal Labor’s carbon tax.

 “I would urge all Hills residents to do what they can to help local businesses throughout this difficult period and in the lead up to Christmas.”

 “With the price of money on the decline and employment stable I am disturbed at the lack of economic activity. One can only assume this is because consumers have little or no confidence in the Federal Government’s handling of the economy so we need to start talking up the local retail sector in order to avoid a local recession.”