But according to local realtor, Hugh Bateman it’s also been a long time coming for farmers and families on the land struggling to make ends meet.

“Of course farmers have been doing it tough, a seven year drought and continuing interest rate rises have had a huge affect on their standard of living.”

Federal Agriculture, Fisheries and Forestry Minister Tony Burke also expects the Reserve Bank announcement to bring welcome relief to farmers across the country.

“While average farm debt has grown, farmers have also had to cope with the social pressures of drought on their families and communities,” Mr Burke told Parliament.

“It will put an average of more than $146 per month back in farming families’ budgets or around $1755 per year.”

“The benefits of the cuts run right through the community, from farm owners to renters,” Mr Bateman said.

“Lower rates are good news for renters too, a cut in interest rates will help ease the pressure on landlords to increase rents.”

With almost 40 per cent of the median family income required to meet home loan repayments, it’s no wonder the cuts have been welcomed by the broader community.

Yesterday’s rates’ cut was the first since December 2001.

“This is the lowest level of affordability in the past 20 years,” he said.

“The last interest rate rise hurt consumers a lot more then the Reserve Bank expected, and I think they will be continuing a drop over the next few months.”

Local accountant Dennis Yeo said the Mudgee community would especially benefit from the cuts.

“It will lower the Australian dollar and make the sale of exports more appealing for foreign buyers.

“The mining and agricultural sectors will benefit greatly, which means only good things for the Mudgee community,” Mr Yeo said.

However, according to Mr Yeo, not everyone will welcome the cuts with open arms.

“Mudgee is home to a large number of investors who aren’t going to be as happy as the broader community about the recent cuts.

“Not everyone wins, but the broader community definitely benefits from the decrease,” he said.