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The not so Lucky Country - Part II

Apropos the Lucky Country [see an earlier posting] ABC Radio National's The World Today had this startling and most troubling report:

ELEANOR HALL: A further interest rate rise would certainly hit some very hard. A financial snapshot of families in Sydney's west has found that one in every seven households there is on the edge of insolvency.

Fifteen per cent of the 400 families surveyed reported that they couldn't cope with an extra payment of $40 a month, and this research was conducted before last week's interest rate rise.

The Wesley Mission commissioned the study, and it says it regards the results as reflective of families across the nation".

Read a transcript of the ABC report here.

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