Today the independent Reserve Bank of Australia Monetary Policy Board kept interest rates on hold at 3.60 per cent.
While millions of Australians would've wanted to see more rate relief, this decision was widely anticipated and widely expected by markets and economists.
Rates have already come down three times this year and that's a good thing.
That's because we've made very substantial and sustained progress together on inflation over the past three years.
For a household with a mortgage of $700,000, the three rate cuts mean they are saving about $330 a month, or about $4,000 per year.
On the most reliable measure, headline and underlying inflation have both fallen to their lowest rates in almost four years, and are back in the Reserve Bank's target band.
We've seen around the world that as central banks cut rates, they don't always cut them at every meeting.
When we came to office, headline inflation was 6.1 per cent and rising, it's now much less than half of that.
When we came to office, trimmed mean inflation was 4.9 per cent and rising, it's now almost half of that.
This progress comes at the same time as we've seen inflation tick up in parts of the world including the United States, Canada and New Zealand and remain stubbornly high in places like the United Kingdom.
The RBA's statement makes it clear that economic uncertainty is "elevated" around the world which could weigh on global growth.
In the face of this substantial global economic uncertainty and volatility, Australians have made remarkable progress together in the economy.
We've managed to get inflation down while keeping unemployment low, growing the economy and getting the budget in better nick as we saw in the 2024-25 Final Budget Outcome earlier this week.
We saw a welcome and substantial pick‑up in economic growth in the most recent data, and as the RBA's statement highlights the private sector has resumed its place as the primary driver of growth in our economy.
While we have made good progress on the economy, we understand that people remain under pressure.
That's why the Government is rolling out responsible cost of living relief including two further rounds of tax cuts, energy bill relief for every household, cheaper medicines and cutting student debt.
Under Labor, inflation is down, unemployment is low, real wages and living standards are growing again, more than 1.1 million jobs have been created, debt is down, the economy is growing and interest rates have fallen.
We know the job is not finished because people are still under pressure and there's more to do to make our economy more productive and dynamic.
