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Taking credit for rate cuts: another political stunt by the Rudd Labor Government.



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Sun, 24th August 2008 TAKING CREDIT FOR RATE CUTS: ANOTHER POLITICAL STUNT BY THE RUDD LABOR GOVERNMENT

The Hon Peter Dutton MP Shadow Minister for Finance, Competition Policy and Deregulation

"Lindsay Tanner's comments this morning that the Government would take credit for any upcoming interest rate cuts were ridiculous and frankly, he should be embarrassed to have made such a ridiculous statement", Peter Dutton, Shadow Minister for Finance, Competition Policy and Deregulation, said today.

"Mr Tanner is either putting out more political spin or he is just demonstrating that Labor has little idea about basic economic principles.

"No wonder the Australian people have lost confidence in the Rudd Labor Government's capacity to manage the economy, when Mr Tanner is saying that he is responsible for cheaper international funding arrangements the banks now face.

"The banks will lower their rates due to the falling cost of the money they are sourcing. It has nothing to do with Wayne Swan or Lindsay Tanner.

"That view is backed up by every respected economist, and the fact the banks have been sourcing cheaper money recently, as confirmed by the Reserve Bank.

"Wayne Swan is the most economically impotent and incompetent Treasurer in Australia's history.

“I would have thought that in his job application to be the next Treasurer, Lindsay Tanner should know better than to sign up to this stunt where Wayne Swan, knowing rates will come down because of cheaper capital, is somehow suggesting he is personally responsible.

“Wayne Swan is only further undermining his credibility and that of Mr Tanner by association."