Aussies up to $700 a month better off

According to economists surveyed by The Daily Telegraph, the average Australian now has close to $700 more in the kitty each month than they did just six months ago.

Taking today’s expected rate cut into consideration, home owners will save around $525 a month on mortgage repayments, compared to six months ago.

These savings combined with the dramatic fall in petrol prices, as well as an easing in grocery, wine and travel costs, will see the cost of living fall to a five year low.

The Reserve Bank is expected to reduce the official cash rate by 100 basis points or more when it meets in Melbourne today.