‘It’s about time they do the right thing by seniors’: Government criticised for cutting interest rates to record low

Senior Australians who live off their savings have ‘got a big problem’ now that the Reserve Bank has slashed interest rates to a record low according to a leading seniors advocate.

The Reserve Bank cut interest rates to 0.1 per cent on Tuesday, down from 0.25 per cent.

National Seniors Chief Advocate Ian Henschke says it’s time the government looked after seniors.

“Seniors understand people have lost their jobs,” he told Tom Elliott on 3AW Drive.

“But it’s a hard task for a person who has done the right thing during their working life by saving for their retirement, and now they’re being told by the Reserve Bank that this is going to be the situation not just for this year.”

Click PLAY to hear the interview below