Interest Rates in Perspective

The Reserve Bank today increased rates for the fifth time since the last election to take the official rate to its highest level in 10 years. The Labor leader, Kevin Rudd, asked Mr Howard in Question Time if he regretted making the promise in the 2004 election campaign to "keep interest rates at record lows" or breaking that pledge. Source.

MK – It is 2007 now, interest rates have now gone up five times in the last two and a half years in Australia. Before everyone starts packing their bags or getting two planks together to nail John Howard to over this, remember it’s not John Howard or the Liberal party in Australia that sets these interest rates. If we want to childishly insist that it is, then the opposition should also be held to the same standards. Well, have a look at what ‘New Labor’ is busy doing over in England, bold is mine.

Bank of England chiefs yesterday(wed) signalled that base rates, which have gone up five times in the past year, are likely to rise again. A quarter point increase to 6per cent is now thought likely this autumn. Source.

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