The major banks are being urged to immediately pass on the full benefit of a 0.25% cut to official interest rates by Federal Member for Gippsland Darren Chester.
Mr Chester said after 12 interest rate rises in a row, today’s decision by the Reserve Bank to cut the official rate to 4.10% should provide some welcome relief to borrowers.
“Over the past three years, the impact of constant interest rate rises has seen mortgage holders worse off, and there have been flow-on impacts to local businesses,” Mr Chester said.
“In the middle of a cost of living crisis, I urge all the banks to do the right thing and immediately pass on the full value of the cut, as a bare minimum, to their mortgage holders.
“Many families across our region are struggling with the increased cost of everything from housing and groceries to insurance and energy… every little bit helps in terms of paying their bills.
“A family with a typical mortgage has spent an additional $50,000 of interest since Labor came to government.
“I’m calling on the banks to do the decent thing and pass on the interest rate cut immediately.”
