Today the independent Reserve Bank of Australia Board decided to lower the cash rate by 25 basis points to 4.10 per cent.
This is very welcome news for millions of Australians.
This is the rate relief Australians need and deserve.
It won't solve every problem in our economy or in household budgets but it will help.
Today's result is a demonstration of the substantial and sustained progress we've made on inflation together.
When we 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.
This is the soft landing we have been planning for and preparing for but we know there's more work to do.
Other countries have had to pay for progress on inflation with higher unemployment, growth going backwards or even a recession.
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.
In its statement today, the RBA Board said we have made welcome progress on inflation and that inflationary pressures are easing more quickly than expected.
Today's decision and the statement from the Board gives us further confidence that the worst of the inflation challenge is behind us, but we can't be complacent.
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.
When we came to office, real incomes were going badly backwards.
Now they're growing again due to moderating inflation, wages growth, jobs growth and our tax cuts.
Lower mortgage costs will also support the growth of real disposable incomes into the future.
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.
