The Reserve Bank’s announcement of a cut in official interest rates by half a percentage point would be welcomed by country Western Australia, Deputy Premier and Regional Development Minister Hendy Cowan said today.
Mr Cowan said the reduction in interest rates and the further fall predicted for April would ease some of the burden of debt servicing faced by businesses and farming enterprises in the country.
“Any savings on operational expenditure in businesses will help the bottom line,” he said.
The interest-rate news comes within a week of the Federal Government’s Exceptional Circumstances announcement for WA, which provides interest rate subsidies to assist farmers in the shires most affected by adverse seasonal conditions.
That announcement came after strong representations by Primary Industry Minister Monty House on behalf of farmers.
Mr Cowan said that whether it was reduced mortgages for families or lower interest rates for businesses and farmers, the results would provide a stronger economy that would deliver benefits to all rural Western Australians.
Media contact: Peter Jackson (Deputy Premier’s office) 9222-8788