Interest rate relief for Isaacs homeowners and small businesses

Mark Dreyfus today welcomed the Reserve Bank's decision to cut interest rates, which will ease the burden on local working families with a mortgage.

Mark Dreyfus today welcomed the Reserve Bank's decision to cut interest rates, which will ease the burden on local working families with a mortgage.

Mr Dreyfus said the Reserve Bank's cut to the official cash rate by 50 basis points was great news for local working families and 17,800 local small businesses.

"The interest rate cut will help ease the cost of living pressures that households are facing."

"Combined with two rate cuts late last year, a family on a $300,000 standard variable rate mortgage is now paying more than $3,000 less in repayments than when the Liberals left office."

Mr Dreyfus said these cuts have been made possible by the Federal Labor Government's disciplined and responsible approach to the Budget.

"Our strategy to balance the budget gives the RBA the maximum possible flexibility to cut interest rates if it thinks that is necessary, and we've seen proof of that again today".

"Delivering a surplus is also Australia's best defence in a global economy that is changing dramatically, underscoring confidence in our economy".

"We've seen nearly 790,000 jobs created in Australia since Labor came to office, while 27 million jobs have been lost elsewhere in the world over the same period."

"Like all Labor governments - our task is to keep building a stronger economy, with more jobs, that delivers for all Australians."

"So we'll keep managing the economy responsibly in the interests of ordinary Australians, just like we did when we fought off recession and kept Australians in jobs."