06-December-2011
Portfolio Media Releases
Today's decision by the RBA to cut the cash rate by one quarter of a percentage point will offer some welcome relief to households and businesses in the lead-up to Christmas.
"Given the growing recession in Europe there was certainly a case for it, despite the Gillard government making the RBA's job more difficult on account of its continued spending and borrowing.
"We saw the evidence of this in the mid year budget update which showed that Labor's debt had blown out by $26 billion in the space of just six months. This is an insult to households and businesses who are making every effort to tighten their belts.
"This government, despite countless warnings has proven incapable of getting its fiscal house in order and therefore all the heavy lifting is being left to the Reserve.
"Australians are aware that interest rates are higher than they should be due to the Gillard government's excessive spending, borrowing and waste," Mr Robb said.
"The banks should quickly ensure relief is passed through to their customers."