As an election looms, will Australians remember Labor for one rate cut or the 12 hikes before that?

The Albanese government had been sweating on the RBA decision, which clears the way for an election as soon as early April

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Jim Chalmers tried to say he wasn't taking credit for the big banks dropping their interest rates, but the sense of satisfaction - or perhaps relief - among other Labor MPs was palpable in the moments after the Reserve Bank of Australia announced its cut of 25 basis points.

Labor MPs Justine Elliot and Kristy McBain, both under pressure in tough races, tweeted breaking" updates within two minutes of the announcement. Within a few more minutes, the likes of Jerome Laxale, Josh Wilson, Pat Conroy, Shayne Neumann, Mark Butler, Helen Polley, Tony Sheldon and the retiring Graham Perrett had also taken to their social media accounts to broadcast the news.

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