Interest rate cut – great news for local families

Federal Member for Blaxland, Jason Clare welcomed today’s decision by the Reserve Bank to cut interest rates.

The Reserve Bank cut the official cash rate from 2.75% to 2.5% – the lowest official interest rate for over 50 years.

“This is great news for local families. It means a family with a $300,000 mortgage will now be paying around $500 less per month, or $6,000 less each year compared to when the Coalition was last in power.

“That is a saving of over $17,500 on that family’s mortgage since Labor came to office, compared to what they would have paid under the interest rates Mr Howard left us.

“Interest rates would have to go up 13 times to get back to where they were under the Liberal Party,” Mr Clare said.

Media contact: Jamie Wassef 02 9790 2466