TREASURER Wayne Swan says households have already benefited from lower mortgage rates under Labor, as the central bank prepares to announces its latest decision on monetary policy.
The Reserve Bank of Australia (RBA) board meets on Tuesday to discuss interest rates, but financial market economists expect it to leave the cash rate unchanged at three per cent.
But business groups believe a cut to 2.75 per cent, or lower, would be justified.
"The RBA will take its decision independently, but I'm really proud of the fact that interest rates are lower under Labor," Mr Swan said in a statement.
He said a family on a $300,000 mortgage was spending around $100 per week less on repayments compared to when Labor first came to office in 2007.
"But the high dollar is weighing heavily on many industries, just like it has savaged our budget revenues," Mr Swan added.
The treasurer hands down the 2013/13 federal budget on May 14.
It's expected to show slowing revenue growth is hurting the budget bottom line with deficits expected this financial year next.
Mr Swan also said the government's reforms to mortgage exit fees had delivered increased competition in the banking sector.
"Since we banned exit fees, over 300,000 people have refinanced their mortgage - that's around $79 billion worth of mortgages," he said.
"By the end of this year there'll over two million home loans without exit fees."
The RBA cash rate has stood at three per cent since December.
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