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.
Inflation is much lower than we inherited, that has given the Reserve Bank the confidence to cut interest rates three times this year, and that reflects the substantial progress we've made together in our economy.
When we came to office, headline inflation was 6.1 per cent and rising, it's now around half of that.
When we came to office, trimmed mean inflation was almost five per cent and rising, it's now been within the target band for three consecutive quarters.
Inflation ticked up in September for every major advanced economy, except the United Kingdom where it was flat.
In the face of substantial global economic uncertainty, Australians have made remarkable progress together in the economy.
We've managed to get inflation down while keeping unemployment low and the economy has continued to grow, with the private sector having resumed its rightful place as the key driver of growth.
Since Labor was elected, inflation is down, debt is down, real wages are growing, unemployment is low, and interest rates have fallen.
While we've made good progress on the economy together, we recognise the job is far from over because people are still under pressure, which is why we're continuing to roll out responsible cost of living relief including tax cuts for every taxpayer, slashing student debt, cheaper medicines and more bulk billing.
Labor's economic plan is all about helping with the cost of living at the same time as we modernise Australia's economy to boost living standards.
We know the best way to improve living standards is to make our economy more productive and resilient and our budget more sustainable and that's our focus.
