P.M.’s address a ‘non-event’

Press, 17 February 1978, Page 17

P.M.’s address a ‘non-event’

PA Wellington ! The Leader of the Opposi-; Ition (Mr Rowling) said that the address byi I the Prime Minister (Mr Muldoon) to the trustee savings, banks’ conference in Christchurch could onlv be regarded as another non-event.: “All the build-up by the: news media suggested that [something of real importance, might be announced.” he said.! “But after all the verbiage is set aside we find that all that was announced was a few technical adjustments *-> the monetary system which it is: hoped will have some effect lon the present all-time record [interest rates.” ! Mr Rowling said that Mr I Muldoon refused to acknowledge that his “no-control monetary system” would not I work.

i This had already meant exorbitant interest rates, kilI! ling investment and perpetuating economic stagnation. “I did notice the Pi >1 Minister has picked up a oro- • posal announced in the • Labour Party’s housing pack.age a few weeks ago to en- ■- courage the savings banks to ( bring in a variable reoavj:ment scheme for mortgages .(which means lower payments > in the first few years,” said t Mr Rowling. ’ Mr Muldoon could learn irnuch by studying Labour’s >: proposals. t “If he wants to bring 1 sanity to the housing scene he should take a serious look r at all our housing policy.' j which offers practical solut tions to the mess created by {National.” Mr Rowling said.