Steven Miles just stepped into the social media arena, and boy did things get spicy. The Queensland Labor leader showed some love for the Reserve Bank of Australia’s recent decision to cut interest rates. But not everyone was ready to join the party.
Steven Miles Says Rate Cut is a Win for Queensland Families
Right out of the gate, Miles praised the RBA for chopping the cash rate by 25 basis points to 385 percent. He even took to X, formerly Twitter, to say he was “pleased to hear” about the cut and urged the big banks to pass the savings along to borrowers.
Because let’s be honest, Queenslanders have been juggling rising bills like circus pros, and any help counts.
Steven Miles Gets Roasted by Internet Critics
Of course, the internet had other plans. Steven’s supportive tweet got slammed faster than you can say “interest rates.”
Comments flew in blaming him and Labor for the sky-high rates in the first place, with some folks calling out “economic mismanagement” and claiming the banks passed the cut to customers quicker than Steven could say “rate cut.”
One commenter summed it up nicely: “They did one minute after the RBA cut. Stop playing silly political games.” Ouch.
Steven Miles Fans Fight Back on Facebook
Not everyone was throwing shade. On Facebook, Steven Miles had his defenders. Tricia Cronan cheered, “Labor, making Australia great,” while Kimberly Clark gave a simple “Yessss its good news.”
So, the internet is a mixed bag — as always.
Banks Pass on the Rate Cut, Homeowners Breathe a Sigh of Relief
Banks did not keep Steven Miles waiting. NAB led the charge, dropping its variable home loan rates by a quarter percent starting May 30. ANZ, Westpac, and CBA were right behind. CBA’s Angus Sullivan called it “much needed additional relief,” hoping homeowners get some breathing room after tight budgets.
Steven Miles’s Rate Cut Drama: What Experts Say
Financial experts say banks usually pass on cuts during tough times, but legally they don’t have to. Luckily for borrowers, they usually do. Canstar’s Sally Tindall doesn’t see a world where banks keep the savings for themselves.
Banks “know better than anyone how hard it’s been,” she said, so passing on rate cuts is just good business.
If you want more updates on Steven Miles and Queensland politics, stick around.
