The official Australian interest rate has a zero in front of it for the first time ever.

The Reserve Bank of Australia (RBA) has again cut the official interest rate at its October meeting. The official Australian interest rate has a zero in front of it for the first time ever.

A 0.25% cut on Tuesday brings the official interest rate to 0.75%, half of the 1.5% it was at in May — a level at which it had sat for more than two years.

The Board took the decision to lower interest rates further today to support employment and income growth and to provide greater confidence that inflation will be consistent with the medium-term target.