Interest rates - why is going up a bad thing?

The newspaper headlines are running with the possibility of an interest rate rise in Australia. The tone of the articles is that an interest rate rise is "bad news".

For whom is it bad news? Well, it's bad news if you are borrowing money.
But equally it's good news if you have savings as you earn more interest.

In particular, it is good news for many older people who are getting more income from their retirement savings.

So while the newly mortgaged Gen-Whatevers may have to cut back on their purchases of plasma TVs, iPods and personal videoplayers in the back seats of their cars, their grandparents may get to eat steak instead of sausages, or maybe even sausages instead of dog food. Maybe they might be able to afford a mobile phone to call the doctor or the ambulance. Is that such a bad thing?

I look forward to the headline "Interest rates rise!" accompanied by the photo of Darby & Joan clinking their tea cups with the caption: "Darby: this is great news! We'll be be able to run our heater this winter & Joan is looking forward to those new dentures!"