Wednesday, 19 February 2025

Ministers statements: interest rates

Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:43): I did want to take the opportunity to collectively breath a sigh of relief with most Victorians at the decision of the Reserve Bank of Australia to deliver the first interest rate cut in four years yesterday. This has been very welcome relief for families and mortgage holders. The rate cut will of course help many with an average mortgage to the tune of around $100 a month. But of course it is not lost on me that 13 interest rate hikes delivered by the RBA have been a major cause of pressure on family budgets, and it will take more than just one rate cut to make it better.

So my number one focus as Treasurer – and you will hear this again and again – is Victorian families and individuals and doing what I can do to support them. This means much-needed cost-of-living relief to ease the pressure. That is why the $400 school saving bonus is just so popular. I am hearing time and time again from families that are relying on that, particularly for school uniforms. Also the power saving bonus is an example, as are free kinder and free TAFE, and many ministers will have examples of cost-of-living announcements that they will be bringing time and time again. I want to assure the chamber that we are on the right track for economic growth. You will hear me speaking about this as well. The Victorian economy is going from strength to strength – inflation is down, the economy is growing and unemployment is low. There are many on record indicating that Victoria is heading in the right direction, and there are many people that like to talk down the state. I will not talk down the state. Rating agencies have rated Victoria as stable right now.

Victorian families are watching every dollar, and I think that rightfully they expect government to do the same. When I hand down the budget on 20 May, families can be assured that it will be about delivering for them. It is my role to make sure investments are delivering the services that Victorians rely on across the whole state and also particularly focusing on the west.

Can I congratulate John Lister on becoming the new member for Werribee. He is a strong advocate who has already been knocking on my door to have a conversation, a terrific local teacher and a former CFA volunteer. It is pretty simple: since we came to government we have been investing all around the state.