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banking on rattus .....
Rattus says the states are putting upward pressure on interest rates by going into debt.
Rattus was speaking ahead of a decision on interest rates by the Reserve Bank of Australia next week, which analysts suggest could lead to a rate rise of one quarter of one per cent.
"At the present time, the federal government is not putting any upward pressure on interest rates because we don't run any deficits. We in fact, have a huge budget surplus, or a big budget surplus," he told reporters.
Awstralya’s self-proclaimed economic mastermind was reacting to growing speculation that the Reserve Bank will lift interest rates by 0.25 of a percentage point on Wednesday, despite another slump on Wall Street & the looming federal election.
‘On a 25-year mortgage of $250,000 repayments would rise by $41.68 a month.
It would be the fifth rise since the last election, when the Government promised to keep rates low. Nor is it likely to be the last rise this year.
"The market thinks the Reserve will do it - the risk for not going up is greater than the risk of staying put," said Roger Bridges, head of bonds at Tyndall.
Reserve Bank board members will be reading their briefing papers today, and only a sharemarket rout tomorrow and Tuesday will stop a rise.
Wall Street plunged 281 points by its Friday close and CommSec chief equities economist Craig James tipped that the sell-off would drag the Australian sharemarket down by 70 to 100 points when it opens tomorrow.
The local market has plunged almost 400 points in less than a fortnight over fears of a global credit crunch caused by the impact of US mortgage defaults on its banks.
"There's a 55 to 60 per cent chance on balance that the Reserve will move this week but it's one of the closest calls we've seen in years," Mr James said.
John Edwards, HSBC chief economist and former economic adviser to Paul Keating, said the Reserve "really has no alternative at all" as it had published a set of inflation figures "which are now clearly too low". Dr Edwards said the Reserve would only step back if there was "a huge freeze in financial markets".’
- By John Richardson at 5 Aug 2007 - 7:58pm
- John Richardson's blog
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BB vs BB....
Voters will see through 'Big Brother' Rudd: Minister
A Government Minister has accused Opposition Leader Kevin Rudd of pushing policies which are a "load of crap" and fooling voters into thinking he is worth electing.
The latest Newspoll shows the Coalition headed for a landslide election loss, with Labor increasing its lead on the primary vote and on a two-party preferred basis.
But Federal Minister for Revenue Peter Dutton says Mr Rudd has no substance and voters will eventually see through him.
"People at the moment are looking at Kevin Rudd like they're looking at a promo for Big Brother," he said.
"I mean it's exciting, it's fresh and when the big night comes, and people actually have a closer look and they look at the detail and they get a better understanding about what the show is about, they actually realise that the show is a load of crap."
Federal Coalition MP Andrew Southcott has urged his colleagues to hold their nerve in the face of the poor poll figures.
He says there is no cause for panic in Government ranks.
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Gus: so it's Big Brother vs "Big Brother"...?
Basically what this Minster for filling the government's coffers with your moneys is saying is "...Stay with us, we're the Big Brother version of "1984", the novel by H G Wells and stop flirting with the hype of Big Brother 2007 TV programme — [in which you can participate (only cost 55 cents per calls, more from mobiles, etc) by voting the inmates out or in...]
If one has some sense on the purpose of life and reality — despite the fluffy, light hearty, mindless purpose of the 2007 version — at least we've got a greater participating role in this cool entertaining show than in the dangerous boots-and-all "Big Brother" concocted by Johnnee and his government, in which we are now born to toil forever and ever, without the authorisation of a sketch of a smile... (Here voting is free — but voting for Johnnee has been mighty expensive in giving us "load of unfortunate crap...")
Big Brother? an unfortunate choice for a metaphor, Mr Minster...