Today the independent Reserve Bank of Australia Monetary Policy Board kept interest rates on hold at 3.60 per cent as expected.
While millions of Australians would have preferred more rate relief, this decision was widely anticipated by economists and markets.
Inflation has moderated substantially since we came to office and that has given the Reserve Bank the confidence to cut interest rates three times this year.
Those three rate cuts have provided very welcome relief to millions of families this year, saving a household with a $700,000 mortgage around $330 a month, or $4,000 a year.
This is a reflection of the significant progress Australians have made together over the last few years.
When we came to office headline inflation was 6.1 per cent and rising, but it's now much lower than that.
While inflation has ticked up recently, this is partly due to temporary factors and it's something we've seen in many parts of the world.
Our economic strategy has brought inflation down substantially from its peak while keeping our economy growing and keeping unemployment low.
The private sector has resumed its rightful place as the key driver of growth, powered by the strongest growth in private investment in almost five years.
The RBA has acknowledged this in their decision today, noting that private sector growth and investment are both strengthening.
Of the 1.2 million new jobs created since Labor came to office, more than four our of five of them have been in the private sector.
Although we know quarterly movements can be volatile, productivity has lifted for four consecutive quarters and in the market sector annual growth is above 1 per cent.
At the same time, our Government has taken a responsible approach to fiscal management - paying down debt, reducing the interest on that debt, banking revenue upgrades, and finding $100 billion in savings.
Despite all this progress, we know there is still more work to do and 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, drive increased productivity, and make our budget more sustainable.
