Australians are not struggling by accident. When governments spend beyond their means, bond markets demand higher yields and that’s exactly what we’re seeing, with the AU 10-year yield near historically elevated levels. Higher yields mean more expensive borrowing for all. SAFA is now refinancing at ~92% borrowing cost relative to federal equivalents, which directly translates into higher interest bills for state budgets! More expensive borrowing costs means higher taxes, higher rates and a cost-of-living crisis that falls on everyday Australians. Albanese in Canberra and Malinauskas in South Australia have treated the public purse like a bottomless account and now families like ours are paying the price.
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