Interesting Times Ahead

In office less than two months (of which he spent a fortnight on holiday) and Kevin Rudd has given up on interest rates already:

KEVIN Rudd has warned homeowners of "tough times ahead" as the Reserve Bank strongly indicated that struggling families face another interest rate rise next month.

Not his fault of course:

Last night Mr Rudd said any interest rate rises in coming months were a legacy of the Howard-Costello Government.

Rudd inherited a robust economy from Howard and Costello but apparently it's now a basket case:

"Now Australian families face some tough times ahead, with inflation expected to continue rising," he said.

Nothing to do, of course, with the banks taking Rudd and treasurer Wayne Swan for the chumps they are with their pre-emptive rate rise last week and the coming storm with the unions over payback for buying Labor the election.

The ALP's Queensland Dream Team may be realising about now - the uncomfortable-looking Mr Swan, especially - that it's easy to be big fish in the State Government pond but there are bigger piranha at Federal level and they're about to be filleted.

-- Nick