INDEPENDENT NEWS

Bank tips interest rate rise later this year

Published: Wed 18 Aug 1999 10:17 AM
"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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