"This will come as welcome news for local families in Calwell who have a mortgage," Ms Vamvakinou said.
"Many local families are doing it tough, and every little bit helps.
"This is the first cut in official interest rates in nearly seven years, which is certainly the direction we want to see interest rates go.
"This cut in interest rates will put a little bit of extra money in the pockets of local families struggling with a mortgage and the high cost of living.
"But only if their bank does the right thing and passes on the rate cut – and there’s absolutely no excuse for any bank not to do so.
"Families in Calwell deserve this rate cut, and it should be delivered by their bank in full," Ms Vamvakinou said.
"The impact of rising interest rates has been particularly hard on Calwell.
"Figures released by the Housing Industry Association late last year identified Campbellfield, Meadow Heights and Dallas as having some of the highest levels of mortgage stress in Victoria.
"And a survey released by Fitch Australia in June this year revealed that 3.8% of all households with a mortgage in Craigieburn were in arrears with their mortgage repayments.
"Investing in skills and infrastructure, building Australia’s budget surplus, and tackling high inflation to put downward pressure on interest rates are at the very heart of the Rudd Government’s economic agenda.
"We still face significant economic challenges including the most difficult international conditions in a generation," Ms Vamvakinou said.
"Whilst Australia is well-placed to ride out the global difficulties, we are not immune from them – most of the developed countries have already seen their economies go backwards.
"That is why it is so important that we drive down inflation – which was at a 16 year high under the Liberals – and undo the last decade of neglect when it comes to investing in skills and infrastructure," Ms Vamvakinou said.
