PRESS RELEASE

It was announced to day that the Reserve Bank Governor has lowered the Official Cash Rate to 3% and that he did not go lower because of the strong opposition from Superannuitants.

We are pleased the authorities are at last recognising the plight of the elderly but feel that it might be a little too late. Many have lost their capital through investing in Finance Houses that have collapsed thus losing their supplementary income. Those who have some money still invested now receive less than half of the interest they invested at and with Winter fast approaching many will now have problems meeting their increased costs and electricity accounts.

There is very little left now for the elderly apart from National Superannuation and we wonder just how much the 9 day fortnight will affect the Average Wage and NS. Why would people save for their retirement when their savings are whittled away in this manner.

Les Howard
National President
Grey Power Federation Inc

ENDS

© Scoop Media