Interest rate cut good for Queensland punters

Queensland Treasurer Andrew Fraser has welcomed today’s decisive action by the Reserve Bank to slash interest rates by .75 per cent, bringing the cash rate to 5.25%.

Mr Fraser said that the Reserve Bank had now cut interest rates by 2 per cent since September, bringing much-needed relief to Queensland householders.

“I have been a consistent advocate, since April, for reducing the pressure on families and giving them some relief from high interest rates.

“I welcome these moves, which provide a boost of confidence into the Queensland economy.

“There’s no doubt about it, we’re facing materially tougher times, but the Queensland economy remains a strong bet.’’

Mr Fraser urged the banks to pass on the rate relief.

“Queensland’s growth rate was 5.1% last year.

“While we face unprecedented challenges from the global financial crisis, going into 2009 the economy remains a strong bet.’’