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RBA drops cash rates to record low

The Reserve Bank of Australia in Sydney. Source: AAP

The Reserve Bank of Australia has driven its official cash rate below one per cent for the first time. It's the R-B-A's third cut since June and comes as the central bank battles to curb rising unemployment and stimulate a stalling economy.

For the first time, the Reserve Bank of Australia has dropped its official cash rate below one per cent.

The cut of 25 basis points to 0.75 per cent is the R-B-A's third cut since June.

It comes as jobs data show the unemployment rate rose to 5.3 per cent from 4.9 per cent at the start of the year.

Treasurer Josh Frydenberg is calling for calm.

He says the Coalition expects the banks to pass the rate cut on to consumers.

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