A smarting cut for the Coalition

The Liberal mantra that interest rates would be always lower under the Coalition than Labor is now not only not true, but has become awkward.

The interest rate drop of 25 basis points to 2.5 per cent – a new half century record low – will be a relief to mortgage holders focused on cost of living, an issue biting in this election.

It’s positive news for the government – in contrast to the last time rates were altered in a campaign. A rise in the 2007 campaign was a blow to a government heading for defeat.

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