CANBERRA, ACT, Sept. 30 -- The Treasurer of Australia issued the following transcript:
Note
Subjects:interest rates decision, Seven West and Southern Cross, housing approvals data
Jim Chalmers:
Today, unsurprisingly, the independent Reserve Bank left the cash rate on hold at 3.60percent. This is not the outcome that millions of Australian homeowners would have wanted but it's certainly the outcome that markets and economists were expecting.
Interest rates have already come down 3 times in 6months this year and that's a very good thing. The 3 interest rate cuts which are already in the system are already providing very welcome relief to millions of Australians with a mortgage.
For a household with a mortgage of $700,000, the rate cuts ...