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

Treasurer Jim Chalmers says the rate cut is “very welcome” news for Australians.

Speaking in Canberra following the Reserve Bank’s decision to cut the official interest rate for the first time in more than four years, delivering 0.25 percentage points of relief for mortgage holders, Chalmers said it was a demonstration of substantial and sustained progress made on inflation.

“This is very welcome news for millions of Australians,” Chalmers said.

“This is the rate relief that Australians need and deserve. Now, we know that it won’t fix every challenge we have in our economy and household budgets, but it will help.”

He said the decision was a demonstration of the progress Australians have made together in the fight against inflation.

“Other countries have had to pay for that kind of progress on inflation with much higher unemployment, negative quarters of growth, or even recessions,” Chalmers said.

“Australia has managed to do better than that. Under this Labor government, inflation is down, wages are up, unemployment is low, and now interest rates are falling as well.

This is the soft landing that we’ve been planning for and preparing for, but we cannot be complacent about the months and years ahead.”