RBA cuts cash rate to record low of 1 per cent

The Reserve Bank of Australia has cut the cash rate to a fresh record low of 1.0 per cent, reducing the cost of borrowing for two months in a row for the first time since 2012.

RBA board members are agreed that further reductions to the cash rate are "more likely than not". (AAP) Source: AAP

The Reserve Bank of Australia has cut the cash rate for the second month in a row to a new record low of 1.0 per cent.

 The market had largely priced in a second straight 0.25 percentage point cut after RBA Governor Philip Lowe suggested the June reduction would not be enough on its own to boost economic growth.