Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Michael Cullen caught out telling two stories

John Key MP National Party Finance Spokesman

06 October 2004

Michael Cullen caught out telling two stories

"Michael Cullen should be more up-front about interest rates with Kiwi mortgage holders, after being caught out telling one story to the Americans and another here at home," says National's Finance spokesman John Key.

Mr Key is referring to statements made by Dr Cullen about the state of the New Zealand economy while briefing high-powered Dow Jones analysts.

"Dr Cullen has warned of at least three more interest rate hikes in the near future, something that Deutsche Bank commentators say goes a lot further than Reserve Bank projections.

"Dr Cullen has essentially told an overseas audience that floating interest rates could rise as high as 9%, assuming the lift was only one quarter of a per cent each time.

"Dr Cullen appears to be in breach of the convention which suggests the Finance Minister should not comment on such things, and it comes only weeks after he pre-announced the recent Reserve Bank interest rate rise.

"I would have thought Dr Cullen owed it to New Zealand mortgage holders to give them the bad news before he gave it to the American analysts.

"In the same briefing, Dr Cullen has also confirmed the National Party's fears that Labour is preparing an unrivalled war chest for a good old-fashioned election-year spend-up.

"He's been reported as saying Labour had been banking the surpluses to spend on the downward cycle.

"That's code for a state-sponsored giveaway, timed conveniently around the election. It also makes a mockery of his repeated claims that the whole surplus has been committed and there is no room to refund overtaxed New Zealanders," says Mr Key.

"Which story is true, Dr Cullen? The story you're giving the Americans or the story you're feeding us?"

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Vulnerable Kids, RNZ Funding, And Poppy

The decision to remove the word ‘vulnerable’ from the Ministry for Vulnerable Children could well mark a whole shift in approach to the care of children in need.

And I’m hedging with the ‘could well’ only because the Ardern government hasn’t yet spelled out whether the name change it has announced will also involve a rejection of the controversial use of Big Data to try and predict those children deemed to be at highest risk of inter-generational reliance on welfare support. More>>

 

Principals' Federation: End Of National Standards

Today the Minister of Education announced that the Government has stopped the controversial National Standards system of assessment and declared them an arbitrary measure which did not raise children's achievement as the previous Government intended. More>>

ALSO:

Public Good: People’s Report On Public Broadcasting And Media Presented

The People’s Commission on Public Broadcasting and Media, was crowdfunded and was informed by an extensive consultation, seeking the views of both those working in Media as well as gathering input both online and in person from ordinary Citizens. More>>

ALSO:

RBNZ To RNZB: PM's Press Conference

Prime Minister Jacinda Adern was joined by Minister of Finance Grant Robertson and Minister for Children Tracey Martin to announce the appointment of Adrian Orr as the new Governor of the Reserve Bank and the name change of the Ministry for Vulnerable Children to ‘Oranga Tamariki - Ministry for Children’. More>>

ALSO:

'Taming Globalised Capital': Why Is Labour Supporting Investment Rules In WTO?

‘Today, we learned the new government has added New Zealand’s name to a proposal designed to lead to foreign investment rules in the WTO at this week’s ministerial meeting in Argentina,’ said Auckland University Professor Jane Kelsey. More>>

ALSO:

Gordon Campbell: On The Politics Of Scaring Voters Back Into Line

Fear has always been a useful mobilising tool in politics… yet in 2017, bogeymen of all shapes and sizes seem to have fallen on hard times. For years, the National party had painted itself as being the only reliable defensive bastion against the terrifying prospect of a centre-left government… More>>

ALSO:

Gordon Campbell: On Drinking Water As A Failure Of Political Leadership

It is almost possible to feel sorry for the Health Ministry in their terrible, no good, very bad week... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages