Asia-Pacific News

Aug 27, 2008, 1:51 GMT

Struggling mortgage holders can bet the house

Sydney - Mortgage holders struggling to keep ownership of their houses after 13 consecutive interest-rate hikes can now bet on the outcome of the monthly meetings of the Reserve Bank of Australia (RBA). 'After being inundated with requests in recent weeks, I welcome legislation which allows us to bet on something that's obviously so important to everyday Australians,' Gerard Daffy, sports betting manager with agency Lasseters Sportsbook, said in a statement Wednesday. 'The announcement by the RBA has become one of the most eagerly awaited events by householders around the country on a monthly basis.' Adding extra excitement for gamblers is the fact that an increase in the cost of borrowing would see thousands more lose their homes, whereas a cut in interest rates would give inveterate gamblers more money to wager on the outcome of the next RBA meeting.

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