Bank tips interest rate rise later this year
Wednesday, 18 August 1999, 10:17 am
Press Release: New Zealand Labour Party
"The issue now is whether the
National Party will pull forward the election date to avoid
a likely interest rate rise in the November 17 Monetary
Policy Statement," Labour finance spokesperson Michael
Cullen said today.
"The Governor has left the Official
Cash Rate where it is for now but has said it "looks
increasingly likely that there will need to be some increase
before the end of the year."
"The reasons for the likely
increase are: a strengthening world economy, an expected
build-up of inflationary pressures within New Zealand and
the prospect of rising interest rates in the United
States.
"None of these factors has anything to do with
Labour and the strong likelihood of a Labour-led government.
This creates a double jeopardy for National.
"It makes
nonsense of their plans to run a scare campaign against
Labour on interest rates.
"And it means that unless they
go to the polls before the next MPS, the interest rate rise
the Governor is signalling will happen on their watch," Dr
Cullen
said.
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