Sunday, October 28, 2007

Howard's Interest Rate Farce

The blatant misinformation by Prime Minister John Howard on interest rates is absurd. Facts that are not spouted by Mr Howard’s are that on August 1993 the interest rate was at 4.75% under the Keating government. Keating left office with the rate of 6.5%, where the rate continued to slide. Throughout the duration of the Keating Government the interest was reduced from 11.5% in 1991 to a low of 6.5% in 1996, leaving a 5% reduction at the end of Keating’s reign. Labour reduced the infamous 17% interest rate from the 1990’s to 4.75%, a 12.25% reduction. The deregulation of the financial system, the floating of the dollar, and concentration on relations with Asia paved the way for economic growth we enjoy today. Fixing the damaged economy Treasurer Howard created in the 70’s with a 22% interest rate, 11% inflation, 11% unemployment and a government deficit in today’s terms of $40 billion. Next month it is expected the Reserve Bank will lift rates to 7%, the same rate Prime Minister John Howard had when he first came to power. These figures really put into perspective who really is the better economic manager. More on interest rates and national issues at Aussie Blogs

5 comments:

Damien said...

I don't think you quite give the full picture here. Things may have been bad under Fraser, but they were that way from when Whitlam left office. Unemployment went up under Whitlam and inflation jumped by 10%. He also greatly expanded the public sector. In fact, inflation was over 17% when Whitlam was removed from office. Under Fraser inflation went down until its levels in 1982.

Under Fraser unemployment did climb and after '82 inflation began to climb again. But you mention Keating dropping interest rates but not that he had got it to the 17% mark to begin with. Also, in '93 unemployment hit 11% and we had a recession in order for Keating to keep the lid on inflation.

Hawke/Keating set in place some important reforms during their time which is partly responsible for the current success. But it must also be stated that interest rates have been low since Howard got in - that's 11 years. Also, unemployment is at a historic low. It must be remembered that inflation, unemployment and interest rates have all been kept low and they have eliminated public sector debt.

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