We received the following text from Ray White head office:
2nd November 2010
Today's decision underlines why a resource rent tax is necessary. It is grossly unfair that the rest of the community is paying higher interest rates because the mining sector is strong.
I was surprised by today's announcement. Many businesses and consumers are doing it tough. Live transaction data from October is showing activity in both the property and finance markets have cooled significantly, proving that the recent jawboning by the RBA is having its effect.
Penalising Australian families for mining booms whilst leaving the mining industry unaffected is plainly wrong. The two political parties claim to represent Australian families. If that is true, it's time they started acting and stop procrastinating and causing unnecessary negative impact on the interest rate an Australian pays for their mortgage.
Regards
Sam White
Executive Chairman
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