Federal Labor Member for Maribyrnong Bill Shorten, has welcomed news that local households and small businesses are set to benefit from yesterday’s decision by the Reserve Bank to cut interest rates.

“Workers and small businesses deserve some cost of living relief and today that’s what they got.

“For Maribyrnong yesterday’s rate cut means more money in the pockets of 13,200 homeowners with a mortgage and 14,500 local small businesses.

“In the last 12 months, Australians have received a total cash boost of around $2,500 from rate cuts which have been made possible by the Gillard Government’s responsible fiscal strategy.

“At 3.25 per cent, the official cash rate is lower than it was at any time under the last Liberal government. It is also less than half the level it was when the Liberals left government.

“Today’s cut means a family on a $300,000 standard variable mortgage is now paying around $4,500 a year less in repayments than the Liberals saddled them with when they left office.

“Everyone in our community can be proud of our world-beating economy and budget with our AAA-rating from all three global ratings agencies, recently reaffirmed by Standard &Poor’s.

“Our nation has low official interest rates, contained inflation, solid growth, low unemployment, healthy consumption and an enormous pipeline of investment in resources with $260 billion at an advanced stage” Mr Shorten said.

Mr Shorten also encouraged mortgage holders who weren’t getting the full rate cut from their bank to consider switching banks.

“Last year the Gillard Government put a ban on exit fees on new loans, empowering new mortgage holders to walk down the road and look for a better deal if their bank wasn’t doing the right thing by them.

“If your bank fails to pass on this full rate cut, I’d encourage you to visit www.bankingreforms.gov.au for more information on our ban on exit fees” said Mr Shorten.

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Suburbs in the Maribyrnong electorate include: Aberfeldie, Airport West, Albion, Avondale Heights, Brooklyn (part), Essendon, Essendon North, Essendon West, Kealba, Keilor East, Keilor Park, Maribyrnong (part), Moonee Ponds, Niddrie, St Albans (part), Sunshine, Sunshine North and Tullamarine (part).

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