The record low of 0.75 per cent is the third cut this year and comes as the R-B-A attempts to get Australia's slowing economy moving again.
The Commonwealth Bank was the first of the major banks to trim its interest rates on Tuesday night, just hours after the cash rate drop.
However, while the C-B-A did cut the standard variable rate for home loan customers - it did not match the R-B-A's cut in full.
NAB has since announced it will also be dropping its variable interest rates to between 0.15 and 0.30 per cent on the 11th of October.
