Interest rates low under National

  • Bill English

A predicted track of slightly rising interest rates is what is supporting growth of around 4% over the next two years, Treasurer Bill English said today.

"People in the real world with mortgages, and people investing in their businesses, understand that interest rates are low and that they will remain

"Mortgages have not been at such low levels since before 1970.

"That is one of the reasons why conditions are good for exporters, and it is why domestic consumption is expected to support what will primarily be export-led growth.

"These real-world events seem to mean little to Dr Cullen. His pedantic academic approach means he knows best, blow the facts.

"But just because we're in an election campaign, Dr Cullen should not make comments lacking in integrity. He should not lie about the past, he should not make up stories about forecasts.

"If he really believes he deserves to be Treasurer, he should say how Labour is going to keep growth levels at the 4% National is going to achieve into the future.

"And maybe he could try to do it without patronising the public and businesses.

"I am happy to campaign on a record of growth and jobs and lower tax. I don't have to make things up," said Mr English.