Tom Elliott says interest rate cuts would be ‘the last thing’ the government wanted on budget night

The Reserve Bank’s decision to cut interest rates to a new record low of 1.75 per cent is ‘the last thing’ the government would have wanted on budget night, says Tom Elliott.

The 3AW Drive host said treasurer Scott Morrison would be trying to paint a positive picture about Australia’s financial future on Tuesday night, but the latest cut suggested otherwise.

‘The reason the Reserve Bank is cutting rates even further – remember they were already at a record low – is because our economy isn’t firing,’ Tom Elliott said on 3AW Drive.

‘This is bad news for the government.

‘The RBA is saying the economy is stuffed, that it’s weak, that it might not grow very much.

‘Trust me, this is the last thing the government wanted on budget night.’

Click PLAY below to hear Tom Elliott’s take on 3AW Drive