Labor and Coalition welcome RBA interest rate decision as governor plays down chance of more cuts

Households with a $750,000 loan to see their monthly repayments reduce by $115 if their banks adjust mortgage rate accordingly

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The treasurer and shadow treasurer have both applauded the Reserve Bank's decision to cut the cash rate to 4.1%, with bipartisan support for the move that offers a reprieve to mortgage-saddled Australian households.

But the RBA governor, Michele Bullock, cautioned that the decision to cut was not a lay-down misere" and that the board had an active debate over the issue.

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