The height of interests rates effecting living standards is a load of crap. Even in Johnny's 22% and ALP's 17% days home loan repayments were lower then the average rental prices. Today we have lower interest rates yet higher mortgages. Cost of living is the big issue. On a side note I scream for higher interest rates as my investments far outweigh my loan, so I make money.

The second step to this is the Federal Govt, doesn't matter which party is in control, has zero control over interest rates. The RBA is an independent body, and our global economy is far out of reach for one political entity to control.

Another thing not many remember is that our current economic situation is so good is due to Keating's reforms in the early '90s. He opened up the markets, reduced tariffs and deregulated financial institutions. Major changes such as these falter in the early days (why he was voted out) and only begin to prosper 10yrs down the track.

Howard's reign can be put down to one thing, the fickle nature of current politics. He was a great spin merchant and short term fixer. Those suffering in the mortgage belt (mostly their own fault) only worried about getting money back in their pockets. These votes can only be bought for so long, budget surpluses are terrible. It was only a matter of time before the majority started to realise we need infrastructure. Rudd has an excellent chance to see this through in the near term, and we should benefit for years to come.

P.S- people seem to think unions are rotten. Like any large bodies there are a few bad eggs, but most unions provide a great service to not only their membes but the broader community as well.

And I am in no way a union member, so I'm certainly not biased in my opinion.