Prime Minister John Key continues to take an optimistic view about New Zealand's credit downgrades, saying they are unlikely to spark mortgage rate rises.
International credit rating agencies Standard & Poor's and Fitch downgraded New Zealand last Friday, citing debt levels as a concern.
Labour leader Phil Goff said today the downgrades would be a wake-up call for many and that they had real implications for New Zealanders.
"It means that our mortgages are going to go up, it's going to cost more to pay for the mortgage on your home, and it means the cost of the Government's boring, and there's been a hell of a lot of that, will go up. That will cost us as taxpayers."
However, Prime Minister John Key said bank economists did not think the downgrades would result in mortgage rates increases.