Mr Rudd should be happy with the latest rise in interest rates.
I do not refer to any potential damage that this could do to the Coalition. I think it's bollocks. I have a reasonable amount of cash in a high interest account - enough for our family to live on for six months if need be - and I am looking forward to the bank paying me more interest in the near future.
The Rudd family should be in the same boat. If his missus sold the business and invested the money in a high yielding account, or term deposits, then they should be laughing all the way to the bank.
Let's say you have $10 million in the bank (because you think the stock market will crash if Labor win).
Yesterday, you were getting 6% on your money. That's $600,000 a year.
Now you are getting 6.25%. That $625,000 a year.
Annual average earnings are $45,053. That's not bad - $25,000 is 55% of average annual earnings. I wouldn't mind it if that happened to me.
But I wouldn't have the gall to go on TV and complain about higher interest rates.
The other nice thing about higher interest rates is that they help to boost the value of the Australian dollar. That provides much more scope for having a holiday in the US, and allows you to buy lots more Scores dollars.
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