The RBA board has officially cut the cash rate by 25 basis points to 4.10 per cent.

The Federal Treasurer Jim Chalmers told Peter Fegan on 4BC Breakfast, “It means that millions of Australians will get the rate relief that they need and deserve after all this progress that we’ve made together on inflation.”

“But we know that the cost of living pressures are still there, they haven’t all of a sudden disappeared overnight, but this rate cut will help a lot of people.”

“We’ve seen real wages growth in our economy, not as an accident, but as a deliberate part of our economic strategy and that’s because we think one of the best ways that we can help people with the cost of living is to make sure that they’re earning more and keeping more of what they earn,” The Treasurer continued.

Hear more highlights from 4BC Breakfast below:

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