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


RBNZ signals higher interest rates for longer

Bill English MP
National Party Finance Spokesman

6 December 2007

RBNZ signals higher interest rates for longer

National Party Finance spokesman Bill English says the Reserve Bank Governor has signalled that Kiwi borrowers face higher interest rates for longer.

He is commenting after Governor Alan Bollard decided today to leave the Official Cash Rate unchanged at 8.25%. However, Dr Bollard also said ‘inflationary pressures have increased, and interest rates are now likely to remain around current levels for longer than previously thought’.

“Borrowers can't expect any relief from high interest rates until 2010. Most homeowners will find they are paying more than 9% until 2010, and all new homeowners will pay more than 9% on their mortgage.

“After eight years of Michael Cullen’s economic stewardship, New Zealanders are paying among the highest interest rates in the developed world and paying taxes which are also in the top half of the OECD.

"This extended period of high interest rates is partly the result of Labour’s large-scale low-quality spending, and more regulation in the economy.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Supreme Court: Worksafe Decision On Whittall Pike River Prosecution Unlawful

The question in issue on the appeal was whether WorkSafe New Zealand acted to give effect to an unlawful agreement of this nature when it offered no evidence on charges against Peter William Whittall for breaches of the Health and Safety in Employment Act 1992...

The Supreme Court... has found that the decision to offer no evidence was made under an unlawful agreement to stifle prosecution. It has granted a declaration to that effect. More>>


Cullen To Chair: Tax Working Group Terms Of Reference Announced

Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the Terms of Reference for the Tax Working Group and that the Group will be chaired by Sir Michael Cullen. More>>


Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them. More>>


Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>


Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>


Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>


Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>




Featured InfoPages

Opening the Election