Public transport will bring down the cost of your mortgage

Press Release from Russel Norman,
Green Party Co-Leader and Economics Spokesperson

14th September 2006

The decision by the Reserve Bank today to leave interest rates as they are shows once again that we need to reduce our dependence on expensive imported oil if we are to cut inflation and hence interest rates, says the Green Party.

“Even though petrol prices are falling now, the trend over the last 12 months has been up, and the long term trend can only be up, and as the Reserve Bank admits this is adding to inflation and hence interest rate pressure,” says Russel Norman, Green Party Co-Leader.

“We need to invest in infrastructure that reduces our oil imports, such as public transport, if we are to reduce the pressure on inflation and hence mortgage rates,” says Dr. Norman, the Greens Economics Spokesperson.

“Instead the Government is investing billions in more motorways which will only increase our car dependence and hence our oil imports.

“The motorway infrastructure the Government is building now will lock us into increasingly expensive oil imports for decades into the future, with the consequent pressure on inflation and interest rates and mortgages.

“Public transport is better for the environment, it makes it easier for people on low incomes to get around our cities and towns, and it will reduce the pressure on mortgage rates.

“It’s time for the Government to read the writing on petrol bowser and invest in more public transport.”

ENDS

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