Interest rates
Ryan BATCHELOR (Southern Metropolitan) (09:58): Hopefully some households across Victoria are breathing a little easier today after the Reserve Bank’s decision to cut interest rates last night. It is a small step, a small amount of relief, but I think it is welcome news for everyone, and it is about time that those cuts came through. We know that households have struggled with increased costs in recent years. You can see it in the economic data, you can feel it in the shopping centres and it is front of mind for everyone we talk to in our community. There are positive signs in the economy: inflation is down 2.4 per cent in the latest quarter, down from a height of around 7.8 per cent in September 2022. There have been four quarters of real wages growth in this country, and now interest rates are coming down. This interest rate cut will not solve every problem, but it is a good start, and alongside the improving economic data, Labor, particularly the state Labor government, is helping Victorians with the cost of living. We have got the $400 school saving bonus, which is providing millions to families at the start of the school year. We have got breakfast clubs rolling out in primary schools, providing free meals at the start of the day. We have got free kinder for our three- and four-year-olds. We have got free dental care. We have got free reading glasses for kids at school. We have got free tampons and pads in public schools. And there are vouchers to help with school sports costs. There is always more to do with the cost of living. The economic data is improving and Labor is there to help as well.