Why did Reserve Bank make further cuts reducing cash rate to an all time low?

Last week Reserve Bank of Australia reduced the cash rate to an all time low. The new cash rate is 1.5 percent. Why has the Reserve Bank taken such a step?

Source: AAP Dean Lewins

Reserve Bank had reduced the cash rate earlier this year in May and has now taken another step bringing it down to an all time low. Is this trend likely to continue? Which areas will be affected the most? Jube Kunnel, Chief Financial Controller at Bruce Henderson Architects, explains.