The Shadow Treasurer

The Honourable Joe Hockey

Wayne Swan, tell the truth and check the facts.

Wayne Swan likes to boast, but he forgets to check his numbers and tell the truth.

He claims repayments for home buyers are less under Labor than they were under the Coalition Government.

Wayne Swan is manifestly out of touch with Australian households.

The Treasurer would know that, on average, interest rates have been higher under Labor than they were under the Coalition.

Here are the facts. Under the Coalition, the average standard variable mortgage rate was 24 basis points lower than Labor.

For Wayne Swan’s typical $300,000 mortgage this difference would represent a saving under the Coalition of $720 a year, or $60 a month.

For small business the difference is even greater. Under the Coalition, the average small business unsecured overdraft rate was 135 basis points lower than Labor.

For the typical small business unsecured overdraft loan of $200 000 this difference would represent a saving of $2,700 a year, or $225 a month.

This Treasurer should stop the spin and get his facts right