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“I didn’t promise to keep interest rates low” says Howard

By boomacat - 10 August 2007 40

Yesterday, John Howard told the House of Representatives that he did not promise to keep interest rates at record lows during the 2004 election campaign.

Is it just me, or do others recall seeing endless “Keep Interest Rates at Record Lows” Liberal Party advertisements during that campaign?

John Howard is a liar.

Discuss.

Keep Interest Rates at Record Lows

[Ed. Its not really canberra specific but how do people feel about this? Most home owners are up for a few dollars more each week and it wont be long before investors pass on the additional costs through already high rentals. Would you vote for someone promising low interest rates in the future or does a promise like that not sway your thinking?]

What’s Your opinion?


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40 Responses to
“I didn’t promise to keep interest rates low” says Howard
flyingblind 4:38 pm 10 Aug 07

I dont care which way you cut the mustard, this bloke got up and insinsuated to the unwashed brain dead masses that HE controlled interest rates.He may not have directly siad that, but the suggestion was there. Idont care about schamantics, this bloke knew exactly what he was doing.

He’s been caught out and he’s argueing with the ref. Not a good look when you desperatly flip floping around.

Mate you were elected to be a leader, at least have the gutsd (for once) and take the long drive to the GG’s residance and admit you’ve done your dash.

GregW 4:12 pm 10 Aug 07

We don’t learn about the RBA, inflation, interest rates, super etc because we’re to busy learning about aborigines or some poet… Thus, because of the poor standard of education (even if ‘relatively’ good) that statement’s like ‘Keep Interest Rates at Record Lows’ have an effect. After all, the people who don’t buy it are usually the ones who know who they’ll be voting for anyway.

pierce 3:51 pm 10 Aug 07

I went to a really interesting talk by a con-artist a few years back boomacat (at the Melbourne comedy festival) who said that scams only work on dishonest people – you can’t cheat an honest man.

They’re generally set up to offer the promise of easy money for doing something either legally or morally dodgy.

All the financial literacy in the world won’t help you then. (A knowledge of scams would, of course)

fnaah 1:59 pm 10 Aug 07

So what was with all that hulabaloo about “interest rates never go up in an election year” that was all over the news the last time the Reserve board met? I wondered at the time how much influence the Government had over the rate, but now that statement seems well and truly de-bunked. Is the reverse true though? If rates aren’t usually raised in an election year, does this indicate that most recent rise indicates the RBA has little faith in the current government’s ability to manage the economy?

Jazz 1:33 pm 10 Aug 07

tortfeaser – hence my reluctance to let it run in the first place, and the spin i put on the article as an editorial comment.

Do canberra voters really pay any attention to this sort of propoganda from the major players or is it all just a bit of chaff?

boomacat 1:08 pm 10 Aug 07

I agree that financial/economic literacy generally is important, I can’t believe that most people don’t understand super, and that people still fall for those Nigerian email scams and similar bullshiit.

Woody Mann-Caruso 12:01 pm 10 Aug 07

Ralph’s right – silly thing for Howard to say, but I lament that we have a public silly enough to believe it. A simple “Really? How are you going to do that, then?” would’ve sufficed. Perhaps the Labor governments haven’t felt qualified to analyse the answer ;).

To make this Canberra-related – do they cover this stuff in ACT schools? I know I had to wait til Year 11 Economics in Queensland to find out there was such a thing as the Reserve Bank, and until Yr 12 to find out the relationship between inflation and interest rates. Job ready is good, but voter ready is just as important.

toriness 10:46 am 10 Aug 07

isn’t it because of the level of inflation driven by levels of spending that interest rates are consequently put up by the RBA – to try and reduce/put a dampener on inflation?

i’m not an economist so i could be wrong about that, but if that is the case then it’s one out of three.

VYBerlinaV8 now_with 10:36 am 10 Aug 07

The song was called “two out of three aint bad”.

boomacat 9:47 am 10 Aug 07

I agree that general party notices are not appropriate for RiotAct but this is relevant, given a couple of recent posts on the affordability of housing in Canberra (or total lack thereof).

I also agree with you Ralph, the RBA sets interest rates and this was never a promise that Howard could keep. But that’s the point – it was dishonest at the time it was made, and it’s insulting that he now tries to tell us that he never even made it.

What is that Meatloaf song VY? All I can think of is “I’d do anything for love, but I won’t do that!”.

Ralph 9:47 am 10 Aug 07

Agreed, I will be backing off on the ideologically driven rants.

tortfeaser 9:32 am 10 Aug 07

I’d be bummed if this blog fell into some useless noticeboard for the parties. I don’t reckon this stuff is welcome. Its got bupkis to do with Canberra.

tate_alec 9:22 am 10 Aug 07

….And I can’t believe that the greater community fell for it.

VYBerlinaV8 now_with 9:22 am 10 Aug 07

Inflation is under control and there are more jobs than ever. What was that Meatloaf song again…?

Ralph 9:16 am 10 Aug 07

The Reserve Bank sets interest rates, not the government. John Howard was stupid to make such statements in the previous election campaign.

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