Federal Member for Blaxland, Jason Clare MP said that today’s interest rate cut is good news for local families.
The Reserve Bank announced this afternoon that the official cash rate would be cut from 4.75 per cent to 4.5 per cent.
“This means a family with a $300,000 mortgage will save $50 a month, or $600 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 $2,470 less than what it was 4 years ago when the Labor Government was elected.
“Under the Liberals the cash rate hit 6.75 per cent. It is now 4.5 per cent.
“Interest rates would now have to go up 9 times to get back to where they were under the Liberals,” Mr Clare said.
Media contact: Chris Zogopoulos (02) 9790 2466