The Federal Member for Macarthur, Dr Mike Freelander MP, together with thousands of Macarthur households, welcomes the recent decision by the Reserve Bank of Australia to cut interest rates again.

This welcome decision is the second rate cut in three months and reflects the efforts of the Federal Albanese Government to fight inflation and deliver cost of living relief whilst working towards an economic environment that would enable such an important decision by the independent Reserve Bank.

A Macarthur household with a mortgage amount of $500,000 will now save $1908 annually, and a Macarthur household with a mortgage amount of $1,000,000 will save $3,806 annually.

Whilst these interest rate cuts are a substantial step in the right direction, Dr Freelander knows there is more work to do and is excited to work with his Federal Labor colleagues over the next three years of government to deliver even better economic outcomes for Macarthur households.

Whilst there is global economic volatility and unpredictability, the situation here in Australia is steadily improving. Especially given that inflation is down, employment is high, and interest rates are being cut, there is good reason for economic optimism going forward.

Quotes attributable to the Federal Member for Macarthur, Dr Mike Freelander MP:

“I welcome the Reserve Bank’s decision to deliver a second interest rate cut in three months, as it means Macarthur households will receive important economic relief on top of the work our Federal Government has been delivering over the past three years.

“Every dollar saved, especially those in the thousands, will help households pay for groceries, school supplies or social occasions that they wouldn’t have had the opportunity to do before.

“I’m proud to be part of a Federal Labor Government who’s mature economic reasoning has helped lead to this moment, whilst also fighting down inflation, getting employment up and delivering other cost of living relief.”