The Reserve Bank Board of Australia (RBA) announced they had cut interest rates by 25 basis points to 4.10%. The easing is the first since November 2020, when the central bank cut rates while grappling with the pandemic’s economic slowdown.

The Reserve Bank’s decision to cut interest rates will be a shot in the arm for Australian households as the major banks announced they will pass on the full cut.

The Reserve Bank of Australia cut interest rates for the first time since 2020 on Tuesday, joining its international counterparts in the global easing cycle.