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Reserve Grader
Home owners received further confirmation that interest rates would rise within months, probably by half a percentage point to take the official rate to 5.75 per cent.

The government MP who grilled Reserve Bank of Australia (RBA) chief Ian Macfarlane on interest rates warned home owners to brace for a jump in their mortgage repayments.

Bruce Baird, the chairman of the House of Representatives economics committee, said Mr Macfarlane had made it clear rates were on the way up - and soon.

"The governor didn't indicate definitely whether they were going up but he certainly gave strong hints," Mr Baird told the Ten Network.

"From my point of view, I thought it was likely that it was going to happen, probably small incremental gains."

It was possible that Mr Macfarlane was floating the idea as a tactic to rein in inflation, said Mr Baird.

"Maybe he's just talking about it to see whether that dampens it down and looks at the inflation figures. But I think we've got them coming."

Asked what size increase he thought was likely, Mr Baird said: "The market thinks a quarter of a per cent in two stages."
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The last time the RBA lifted official rates was in December 2003, when they rose by 0.25 percentage points to 5.25 per cent.

Economists expect the next rate rise to come within a fortnight, followed by another in April or May.

Mr Baird predicted Australians would be able to manage the increase in their mortgage repayments and said it would help Australia maintain a strong economy.

"Small incremental gains, I think we can manage," he said.

"But it's also about keeping the economy stable, so with the wage pressure that exists, particularly in the construction and mining sector, if that starts to flow across the economy, we do have inflationary pressures.

"So a small adjustment, I think, is going to (be) helpful to everybody in terms of a strong economy."

Opposition leader Kim Beazley said any rate rise would signal to Australians the government had broken its key election promise, that interest rates would remain stable, and prove the coalition was an ineffective economic manager.

"(Prime Minister John Howard) went through the election campaign with `vote Liberal and interest rates won't rise' emblazoned on his chest," he told the Nine Network.

"He's now sitting on that sign and saying it's all for someone else to discuss."

Mr Beazley said Mr Howard should tell Australians where he thinks interest rates were headed and what kind of impact it would have on people with mortgages or those looking to buy a home.

"They've skated in on the hard work that Labor did and by-and-large they have not tended the economy effectively since they've been in office," he said.

"So if anything goes wrong with the Australian economy now, John Howard and (Treasurer) Peter Costello will be right in the frame for it." :lol:
To be fair to John Howard, what he actually said was that interest rates would always be raised higher under Labor than interest rates under the Liberals. A subtle difference.

However, there are quite a few economists, such as Ross Gittens (who I have plenty of time for), who say that Howard's government has dropped the ball.
The same as the non core promise of "we are not planning any substainial increase in our troops in Iraq". :evil:
Another typical responce - its all the state governments fault.

Just like education (dont open your eyes or you will see plenty on the federal govnt dictating funds to the state)
Funny stuff.....during the election campaign ppl who claim they knew what there talking about say the low interest rates has nothing to do with the Libs economic mamagement.


Theres talk of rates going up so ppl including Labor MP's are saying there going up because of Howards bad management......

"To be fair to John Howard, what he actually said was that interest rates would always be raised higher under Labor than interest rates under the Liberals. A subtle difference."
Very true MB that was the case, but don't tell Hopium and Fluffy that. :lol:

HHHmmmmmm interesting.
Howard maybe but the liberal add campaigns said interest rates wouldnt rise - and thats what got the voters. Looking for the loopholes are we.

If you actually go through the campaign you will find plenty different versions - the one that the voters believed was that the rates wouldnt rise and thats the one that is looking like being broken.
I don't recall howard ever saying that interest rates won't rise. And if you think they won't rise from the current rates than you truly do have a lovly shade of red on your neck. He did say however that under a labour government, interest rates would soar through the roof and no body could afford a home like in previous labour led terms. Many argue that interest rates have no direct control from the government but decisions made by the government help to flucuate these rates. To be honest though, those of you who are complaining about the interest rates should live on the streets for a while to see what its like to have NO home. Perhaps then you won't be complaining about how much extra your going to have to fork out for your 2 cars, home, credit cars and the like. Perhaps you will focus on the real problems which for most, doesn't even effect you. Its people like matabele who get my recognition when they make an honest complaint about something. People who work to fix these "bigger" problems, all this petty im going to be out of pocket crap drives me crazy.
Flipper you make good sense....and I think your the most un-biased poster on the forums re-politics!

And Flufster and Matabele I gave my view.....

Flufsters view was BS...nothing else to say really.
Thanks for your support Flip.

Now thinking of the bigger picture - education, environment child slave labour. any of these getting appropriatly delt with by the current government - NO
Actually, the Libs are the ones who are causing the rate rise.

I thought I explained this before. The current low interest rates are due to the long-term reforms of the Labor government. The very high rates during their terms were due to the changes of the libs. In politics, things don't happen immediately.

Now, what could be gathered from the study of the Lib's campaign last election is that interest rates would remain steady. Lo and behold, that is bollocks. So, in a way, Howard did promise that the rates would not rise.

Fluff - they did address education etc... they decided NOT to do anything about preventing pollution of the atmosphere and gave more money to the private schools.
So they were dealt with. Just not in the best way.
Um... the state act on directions from the fed. True, the fed cannot legislate but they give th state their budget and tell them where to spend.

That's why schools are a state organisation, but their funding is provided for in the fed budget.

NSW also gets less money per capita than the other states to spend on infrastructure (including health & education).

Bastard libs.

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