Thursday, October 25, 2007

Costello warns recession if Labor wins

PETER Costello has warned voters that the election of a Labor government would trigger a wages breakout and plunge the nation into a recession.

The Treasurer issued his recession prediction yesterday in response to new Consumer Price Index figures showing an annual rise in the cost of living of 1.9 per cent, raising the likelihood of another interest rate rise.Mr Costello played down the need for a rate rise, stressing that inflation remained within the band agreed by the federal Government and the Reserve Bank.But he warned that voters risked an economic downturn if Kevin Rudd were elected.

Posted by chris @ 01:15 AM (615 views)
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2 thoughts on “Costello warns recession if Labor wins

  • Australia seems to have been on a very similar path, economically speaking, as the UK in recent times, with very similar policies. Yet I get the impression that the very people who regularly slag off Labour’s supposedly loony-left economic imprudence would gladly vote in right-wing Howard. What’s the difference, though? I suspect that people who would be right-wing economically are aghast at the current state of capitalism and want to pin the blame on leftist policies – Australia shows that this just isn’t the case, or perhaps i’m missing something?

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  • To avoid the usual jumping to conclusions, I should point out that I consider Brown/Blair/New labour to be useless and Satan’s children…..Satan being Maggie, of course. Nor would I favour Old Labour policies.

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