Federal Treasurer Wayne Swan welcomed the central bank's decision to cut the official interest rate. Source: AAP
TREASURER Wayne Swan says the central bank's decision to cut interest rates will help households and business by delivering "big" savings on borrowings.
Mr Swan says the RBA's decision to cut the cash interest rate to 2.75 per cent, from three per cent, means rates are now lower under Labor than under the former Howard coalition government.
A family with a $300,000 mortgage is now paying $5500 a year less than in 2007, when the Howard government left office.
"There will continue to be big savings flowing through to families and of course small business," Mr Swan told reporters in Canberra on Tuesday.
He was pleased National Australian Bank and Bank of Queensland had reacted quickly to pass the 25 basis point reduction on in full to variable mortgage holders.
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