RBA interest rate cuts benefit 17,000 businesses and 18,000 households on Northern Beaches

Yesterday’s rate cut means, 17,000 businesses and 18,000 households on Northern Beaches are better off today than they were yesterday

Federal Member for Mackellar, Jason Falinski, welcomed yesterday’s decision by the Reserve Bank of Australia to cut rates by 25 basis points to a historic low of 1.5%.

“This cut to the cash rate by the RBA will benefit more than 17,000 businesses and 18,000 households with mortgages across the Northern Beaches.

Householders with existing mortgages will see more money in family budgets, reducing the pressure on cost of living. Our hope is that this cut will help people trying to break into the into the real estate market and improve overall housing affordability.”

With average mortgages across the Northern Beaches higher than the nationwide average, this area is particularly affected by the changes in rates.

“The decision by the RBA to drop rates demonstrates the economy is in good shape and inflation is under control, allowing the banks to lower rates and further stimulate growth and jobs in the economy.

As part of the Turnbull Government, I will continue to work to lower debt and create jobs and growth across the peninsula.”