CANBERRA, ACT, Dec. 9 -- The Treasurer of Australia issued the following transcript:
Note
Subjects: interest rate decision, MYEFO, social media ban, gas strategy
Jim Chalmers:
Today, the independent Reserve Bank left interest rates on hold at 3.60percent. A lot of Australians would have wanted some more rate relief but wouldn't have expected it. This was the outcome widely anticipated by markets and economists, and it comes after there have already been 3 interest rate cuts this year. The 3 interest rate cuts that are already in the system this year are saving someone with a $700,000 mortgage about $4,000 a year. So, the 3 rate cuts which are already flowing, which the Reserve Bank has said today the benefits are not yet fully felt, tha...