May 2000 Transcripts on this website are created by an independent transcription service. The ABC does not warrant the accuracy of the transcripts. ABC Online users are advised to listen to the audio provided on this page to verify the accuracy of the transcripts. It's Groundhog Day at the Reserve Bank.
Interest rates are up again by a quarter of a per cent, less than a month since the last rise.
The official cash rate is now six per cent. The Federal Opposition is blaming the Goods and Services tax for today's interest rate rise. Shadow Treasurer Simon Crean says the Reserve Bank has moved to head off the inflationary impact of the GST but is too polite to say so. Rubbish, says Treasurer Peter Costello, who argues the rise is the result of a pick up in the international economy. The real estate industry is noted for warning that house prices are bound to rise so you'd better buy now.