Rate cuts hurt those dependent on interest

As president of the Bendigo Australians in Retirement Group, I deplore the rejoicing of our federal government in the latest interest rate reduction as a wonderful event for Australians.

There are 20-25 per cent of the population over 60 years reliant on an interest rate of above six per cent on their capital to afford a comfortable life.

We are not living off a lowering rate now and are using our capital to survive, as well as now being part of the Centrelink queue.

We did not expect to live a life of instant luxury. We planned for it over decades of hard work to put Australia where it is today.

We expect as 25 per cent of the population to be given some consideration as Australians for a deterioration of our income created by interest rate cuts.

Kevin Inglis,

Kangaroo Flat

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