‘Welcome news’: Jim Chalmers discusses RBA rate cut

Treasurer Jim Chalmers has welcomed the Reserve Bank of Australia's first rate cut since 2020.

The Reserve Bank of Australia has cut interest rates by 25 basis points – taking the official cash rate to 4.1 per cent.

“This is very welcome news for millions of Australians,” Mr Chalmers said during a media conference on Tuesday afternoon.

“It’s a demonstration of the progress Australians have made together in this fight against inflation.

“We know that there is more work to do.”