Federal Member for Blaxland, Jason Clare welcomed yesterday’s decision by the Reserve Bank to cut interest rates.
The Reserve Bank cut the official cash rate from 3.5 per cent to 3.25 per cent.
“The official cash rate is now lower than it was at any time under the Howard Government,” Mr Clare said.
“This is great news for local families. It means a family with a $300,000 mortgage will save an additional $50 per month.
“The official cash rate is now less than half it was when the Liberals were last in government.
“It means that a family with a $300,000 mortgage is now paying $4,500 a year less than they were under the Liberal Party.
Media contact: Chris Zogopoulos 9790 2466