Rate cut ‘needs to occur sooner rather than later’: Andrew Clennell

Sky News Political Editor Andrew Clennell says a rate cut “needs to occur sooner rather than later”. The Housing Affordability Report shows the average Australian household is now spending around 48 per cent of their income on mortgage repayments, while renters have seen a median rent increase of nearly 24 per cent as the national vacancy rate sits below one per cent. “The rate cuts are critical politically for the government, but also just plain economically,” Mr Clennell told Sky News host Peta Credlin. “I know they’ve got a cautious approach on inflation, but they can’t really muck around here after the last GDP figures – it needs to occur sooner rather than later. “They have to move.”