Early Christmas Present

Federal Member for Blaxland, Jason Clare MP said that this week’s interest rate cut from 4.5 per cent to 4.25 per cent is good news for local families in the lead up to Christmas.

The Reserve Bank has now cut interest rates twice in two months.

“These two cuts mean a family with a $300,000 mortgage will save a $100 a month or $1,200 a year,” Mr Clare said.

“It’s a great early Christmas present for local families and local businesses.”

The cost of repaying the average mortgage is now about $3,000 less than what it was 4 years ago when the Labor Government was elected.

“Interest rates would now have to go up 10 times to get back to where they were under the Liberals,” Mr Clare said.

Media contact: Chris Zogopoulos 02 9790 2466