Mr Neumann said the decision was welcome news for many people in the Ipswich and Somerset regions and Karana Downs and Mount Crosby area.

“This is the rate relief that locals need and deserve,” Mr Neumann said.

“This result is a demonstration of the substantial and sustained progress we’ve made
on inflation together.

“When the Albanese Government came to office, interest rates were going up, now they are going down.

“For a household with a mortgage of $500,000, this rate cut will save them $80 a month,
or $960 per year.

“Under Labor, inflation is down, wages are up, unemployment is low and now interest
rates have started to come down too.

“Inflation is now almost a third of the 6.1 per cent we inherited, and that’s a testament to the efforts of all Australians.

“Today’s decision is welcome but it’s not mission accomplished because people are still under pressure.

“The Government will maintain a primary focus on the cost of living.

“Australians would be thousands of dollars worse off if Peter Dutton had his way on tax
cuts, wages and energy bill relief – and worse off still if he wins the election.

“The biggest risk to the progress we have made together is a Coalition government that
would come after Medicare again, push wages down again, and push electricity prices
up with more expensive nuclear energy.

“We’re fighting inflation, helping with the cost of living and building Australia’s future, and this encouraging decision shows our policies are making a meaningful difference.”