Federal Member for Moreton Graham Perrett today said families and businesses on Brisbane’s southside would receive an early Christmas bonus on their mortgage following the one percentage point cut in official interest rates.

Mr Perrett said the Rudd Government and the Reserve Bank were working in unison to strengthen the Australian economy in the face of the global financial crisis.

“Official interest rates have now been cut by three per cent since September and this latest cut is a well-deserved Christmas present for families and businesses on Brisbane’s southside who have been under financial pressure for some time,” he said.

“When you combine the substantial savings from this with the Rudd Government’s $10.4 billion Economic Security Package it will mean the economy will benefit from the joint efforts to stimulate growth.

“The cumulative effect of interest rate cuts since September mean families have $600 a month more in their pockets if they’re paying off an average $300,000 mortgage.

“With this cut in official interest rates, lower petrol prices and the Economic Security Strategy payments coming through this month, many families in Moreton will certainly have a better Christmas than they otherwise would have in these tough economic times.”

The Economic Security Strategy will deliver $1400 for single pensioners, $2100 for pensioner couples, and $1000 per child for families on FTBA.

Mr Perrett said the global financial crisis had already delivered a recession in Europe and Japan, and the US and UK were expected to follow.

“We’ve been up front about saying this will slow growth and threaten jobs here at home – that’s why it’s so important to do all we can to buffer Australia from the worst the world can throw at us,” he said.

“Families and businesses in Moreton can take heart from the fact that both the Government and the RBA are doing their bit to strengthen the economy and protect jobs.”

12/03/08

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