OECD Expects The Australian Economy to Gather Momentum
November 26, 2003Interest Rates; Inflation; Housing; Mark Latham; US Alliance – Interview with Kerry O’Brien, 7.30 Report
December 3, 2003
NO.100
MARK LATHAM’S QUESTION TIME BLUNDER
In Question Time yesterday, Mark Latham asked this question:-
“My question is to the Treasurer. Given the Treasurer’s endorsement
of the OECD growth forecasts, does he also endorse its prediction of interest
rate rises in 2004, with the Reserve Bank lifting rates by up to
one per cent?
This is the OECD’s table of interest rate assumptions:-
Short-term interest rates
|
2002 |
2003 |
2004 |
2005 |
2003 Q4 |
2004 Q1 |
Q2 |
Q3 |
Q4 |
2005 Q1 |
Q2 |
Q3 |
Q4 |
|
|
Australia |
4.7 |
4.8 |
5.0 |
5.4 |
4.9 |
5.0 |
5.0 |
5.0 |
5.0 |
5.3 |
5.5 |
5.5 |
5.5 |
|
Austria |
|||||||||||||
|
Belgium |
|||||||||||||
|
Canada |
2.6 |
2.9 |
3.1 |
4.1 |
2.7 |
2.8 |
2.9 |
3.3 |
3.5 |
3.7 |
4.0 |
4.2 |
4.4 |
|
Czech Republic |
3.5 |
2.3 |
2.1 |
2.2 |
2.1 |
2.1 |
2.1 |
2.1 |
2.1 |
2.1 |
2.1 |
2.3 |
2.6 |
|
Denmark |
3.5 |
2.4 |
2.2 |
2.3 |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
2.4 |
2.7 |
The underlying assumption for the OECD Report is no interest rate change
in 2004.
Mr Latham had all day to prepare his question. He couldn’t read a basic
economic table.
No amount of obfuscation will cover that fact.
MELBOURNE
28 November 2003