Australia news LIVE: RBA cuts interest rates for first time in more than four years to 4.1 per cent; ACCC gives the go ahead to Virgin-Qatar alliance

Prime Minister Anthony Albanese described today’s interest rate cut as welcome news for millions of people and declared that Australia had dealt with high inflation better than comparable countries.

Speaking on 2GB after the Reserve Bank announced a rate cut this afternoon, Albanese said it was “the rate relief that Australians need, and they deserve”.

“There’s more work to do, people are still under pressure, but that’s why my government’s focus will continue to be on helping Australians with the cost of living, while continuing to make sure that we deal with that inflationary pressure,” he said.

Asked why the Reserve Bank in Australia had taken longer to cut interest rates than the United States and New Zealand, Albanese emphasised that inflation had peaked higher and earlier in those countries.

“New Zealand is in a deep recession as we speak, with rising unemployment, they’ve had inflation that was higher than it was here, and interest rates that went higher as well,” he said.

“Here, what we’ve managed to do, is we have inflation coming down, employment being strong, with the lowest unemployment rate on average than any government in the last 50 years.”

“Importantly, wages [are] increasing. And now interest rates are falling today – yes, for the first time – but that is a very welcome statement by the Reserve Bank today.”