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


Cullen helps fuel interest rate rise

Cullen helps fuel interest rate rise

John Key National Party Finance Spokesman

8 December 2005

Cullen helps fuel interest rate rise

National's Finance spokesman, John Key, says Michael Cullen needs to take his share of responsibility for what is now the ninth interest rate rise in the past two years.

This morning's Monetary Policy Statement raised the Official Cash Rate to 7.25% -- the highest point since Labour came to power in 1999.

"In making the adjustment, the Reserve Bank clearly identified rampant government spending as a key contributor to inflation, and therefore to high interest rates," says Mr Key.

"This comes only a week after the OECD made the same point in their Economic Outlook.

"Homeowners, exporters, and businesses are suffering through high interest rates and high exchange rates.

"I don't see why they should shoulder the burden by themselves when there's been absolutely no belt-tightening by the Government.

"Michael Cullen needs to get control of his own wallet and stop continually blaming households for the problems of the economy."

Government spending has increased 40% since Labour come to office in 1999. At that time, the Official Cash Rate was at a low of 4.5%.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>


Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>


Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news