Election opens gate to rate rises

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The doorway to further rate rises has been opened following the weekend's yet undecided federal election.

Though the final result will take time to ascertain, commentators predict the outcome of a weakened mandate by either party in government will mean the likelihood of higher interest rates.

The Australian Financial Review reports that "minority governments make weak economic managers", and the Reserve Bank may have to take hard decisions to curb demand that a government may shirk.

Meanwhile, the passing of the election eases pressure on major banks not to raise interest rates outside the official RBA cycle, in moves flagged for weeks by banks who are seeking to ease funding pressures.

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