Rising interest rates bad news for vulnerable

Rising interest rates will put additional pressure on vulnerable Australians already struggling to survive as prices surge, wages stagnate and safe, secure housing slips further from reach.

St Vincent de Paul Society National President Claire Victory said: ‘Today’s rate rise will be another kick in the teeth for Australians living in poverty, who are already stretching every dollar to its limit.

‘The surging cost-of-living, shortage of affordable housing, increasingly insecure work and stagnant wages are making it all-but impossible for a growing number of Australians to survive.

‘Today’s interest rate hike will add to these pressures and disproportionately impact the most vulnerable people in the community, who are already struggling to get by, often with limited family or social support networks,’ Ms Victory said.

The St Vincent de Paul Society has released a suite of simple, compassionate and affordable polices in the lead up to the federal election and is urging parties and candidates to put Australians in need at the heart of their campaigns.

The cost of implementing these policies involves modest reforms to superannuation and taxation, asking only the most well-off and able to afford it, to pay a little more.

‘Vinnies has stood by Australians in need for more than 170 years, providing emergency relief, housing, and other support services,’ Ms Victory said.

‘Our election statement, A Fairer Australia, is informed by our members’ experience meeting and helping Australians in need, and offers practical solutions to address widening inequality in households and communities, and lift many people out of poverty.

‘We are calling on parties and candidates to take urgent action in the remaining weeks of the campaign to support Australians living in, or at risk of falling into, poverty,’ Ms Victory said.

For more information on A Fairer Australia and a fairer tax and welfare system, visit www.vinnies.org.au