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Reserve Bank cuts further 1% from Official Interest Rate.



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ROGER PRICE MP Chief Government Whip Federal Member for Chifley 3rd February, 2009

MEDIA RELEASE

Reserve Bank cuts further 1% from Official Interest Rate

Federal Member for Chifley, Roger Price has welcomed the latest interest rate cut of 100 basis points (or 1 per cent) in Australia’s official interest rate saying families in Chifley who are struggling with the cost of everyday living will receive some relief

during this period of global economic deterioration.

“I welcome this decision by the Reserve Bank and urge all banks to pass this rate cut onto families and businesses as rapidly as possible” Mr. Price said.

Australia’s official interest rate is now 3.25%. Official interest rates have now been cut by 4 per cent since September 2008. In addition to the Rudd Government’s $42 billion Nation Building and Jobs Plan announced today it will mean the economy will benefit amidst the worst economic crisis since the Great Depression.

“While Australia is not immune from the global financial turmoil, the fundamentals of our economy remain strong”.

“Australians can rest assured the Rudd Government and the Reserve Bank are doing their bit to give relief to families and strengthen our economy” Mr. Price concluded.

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