Grayndler
Tuesday, 1st November 2011
Interest Rate Relief For Families
Today’s decision by the Reserve Bank to cut official interest rates is a win for every family and small business with a mortgage, no matter which horse they backed in the Melbourne Cup.
A mortgage is the biggest burden on most family budgets, so this is some very welcome relief for a lot of families facing cost of living pressures.
Today’s interest rate cut means an average family in the Inner West with a $400,000 mortgage will now pay $65 less a month in interest repayments – that’s a saving of $800 a year.
This rate cut is also welcome news for many of the 22,000 local small businesses owners who make a major contribution to the local area.
The Gillard Labor Government’s disciplined budget management means that the Government has created space for the economy grow without adding to price pressures in the economy.
While other countries are in recession our economy remains strong, meaning more people are in jobs and more opportunities for young people.
In fact, we’ve seen 750,000 jobs created since the Labor Government was elected – that’s 750,000 more Australians bringing home a pay check each week.
The Government’s budget discipline has meant the Reserve Bank has had extra room to move on interest rates.
So we’ll keep managing the economy responsibly in the interests of everyday Australians, just like we did when we fought off recession and kept Australians in jobs at the height of the global financial crisis.
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Electorate Office
334a Marrickville Rd
Marrickville NSW 2204
Phone: 02 9564 3588
Parliament House Office
Parliament House
Canberra ACT 2600
Phone: 02 6277 7700
Electorate Office
334a Marrickville Rd
Marrickville NSW 2204
Phone: 02 9564 3588
Parliament House Office
Parliament House
Canberra ACT 2600
Phone: 02 6277 7700
Phone: (02) 9564 3588
Fax: (02) 9564 1734
Email: A.Albanese.MP@aph.gov.au
We acknowledge the traditional custodians of the land on which our offices stand and we pay our respects to Elders past, present and emerging. We acknowledge the sorrow of the Stolen Generations and the impacts of colonisation on Aboriginal and Torres Strait Islander peoples. We also recognise the resilience, strength and pride of the Aboriginal and Torres Strait Islander communities.
Authorised by Anthony Albanese. 334a Marrickville Rd, Marrickville NSW 2204.