Senator WONG (South Australia—Minister for Finance and Deregulation) (14:36): I am pleased to advise the chamber that a short time ago the Reserve Bank of Australia announced a 25 basis point drop in the cash rate from 4.75 per cent to 4.50 per cent. I can hear already—the only people in Australia who are not pleased about that are those opposite. I do not hear any 'Hear! hear!' from those opposite, just like the only people in Australia who are not pleased that— Honourable senators interjecting— The PRESIDENT: Senator Wong, resume your seat. Order! If you want to sit here and scream at each other that is what you can do. Honourable senators interjecting— The PRESIDENT: Order! The minister is endeavouring to answer a question. The behaviour on both sides is completely disorderly. The minister is entitled to be heard. Senator Conroy interjecting— The PRESIDENT: Senator Conroy! The minister is entitled to be heard in silence. Senator WONG: Those on this side, and I am sure all Australian families with a mortgage and all small businesses, will welcome this decision. This decision is a win for families with mortgages and every small business on cup day—a win on cup day. What this means is that a family with a $300,000 mortgage will now pay $50 less a month in interest repayments, a saving of $590 a year. We welcome this decision and, unlike those opposite, we are very pleased that the government's ongoing fiscal credibility and ongoing sound fiscal management have ensured that the RBA has had room to move, as it has spoken about on previous occasions. Those opposite like to trumpet their credentials. It is worth recalling that in November 2007 the standard variable interest rate was 8.57 per cent. At the conclusion of the Howard government the standard variable rate was 8.57 per cent, significantly higher than today. In fact, a family with a $300,000 mortgage are over $2,400 better off than when we came to government. (Time expired)