Australian Prime Minister Affirms Interest Rate Cut Won't Affect Election Schedule
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Synopsis
Prime Minister Anthony Albanese has stated that the recent interest rate cut by Australia's central bank will not affect the timing of the upcoming general election. Despite speculation, he assured that the election date remains unchanged.
Key Takeaways
- Interest rate cut will not affect election timing.
- RBA lowered cash rate target to 4.1%.
- Election must occur by May 17.
- Speculation of election dates in April.
- Labor Party has been in power since 2022.
Canberra, Feb 19 (NationPress) Prime Minister Anthony Albanese has confirmed that the long-anticipated decision by Australia's central bank to reduce interest rates will have no bearing on the timing of the forthcoming general election.
In a statement made on Tuesday night, Albanese emphasized that the Reserve Bank of Australia (RBA)'s decision to lower rates will not influence the election date he announces.
"This will not alter the timing of the election," he declared during an interview with Australian Broadcasting Corporation (ABC) radio.
On Tuesday, the RBA's board of governors revealed their choice to decrease the cash rate target by 25 basis points to 4.1 percent, marking the first reduction of the key interest rate since November 2020.
Local media have been rife with speculation that this cut could lead Albanese to schedule the election for either April 5 or 12.
The election must occur by May 17, and as the prime minister, Albanese is poised to approach the governor-general at any moment to dissolve parliament and formally commence the electoral process, as reported by Xinhua news agency.
A duration of at least 33 days and at most 58 days is required between the governor-general instructing the electoral commissioner to organize an election and the actual election day.
Should the election take place in April, it would prevent Albanese's Labor Party from delivering the federal budget for 2025-26 as scheduled on March 25, since parliament would already be dissolved.
Albanese assured ABC radio that the government has been "working diligently" to prepare the budget.
On Wednesday morning, Treasurer Jim Chalmers informed ABC television that the government continues to evaluate cost-of-living relief initiatives to include in the budget.
Recent opinion polls suggest that the election is poised to be a closely contested battle between the Labor Party, in power since 2022, and the opposing Coalition of the Liberal and National parties.
