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The Reserve Bank has cut the official interest rate to a fresh low of just 1.5 per cent, in a desperate effort to stoke price growth.

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GREEDY banks have begun shovelling an extra $1.4 billion into their coffers after deciding to keep about half the Reserve Bank’s latest interest rate cut for themselves.

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RBA cuts interest rates to record low 1.5 per cent

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Big banks defy RBA over rate cut

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Interest rate cut too little, too late by an RBA with flawed glass half full attitude

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Interest rate cut too little, too late by an RBA with flawed glass half full attitude

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Reserve Bank interest rates should be zero in recession

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Reserve Bank interest rates should be zero in recession

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Gabes

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Here's what economists are saying about today's RBA rate cut.

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RBA's rate cut underlines Australia's fall from economic exceptionalism

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Here

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While the Reserve Bank did as expected by cutting interest rates, the big four banks caught most people off guard by actually lifting some key deposit rates.

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Interest rates slashed to record low of 1.5pc by Reserve Bank, banks pass on half

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RBA's rate cut underlines Australia's fall from economic exceptionalism

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RBA's rate cut underlines Australia's fall from economic exceptionalism

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Commonwealth Bank (CBA) and National Australia Bank (NAB) have been the first banks to respond to the Reserve Bank’s decision to cut the official cash rate by 0.25 percentage points to a record low of 1.5 %

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RBA's rate cut underlines Australia's fall from economic exceptionalism

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Interest rates cut to fresh record low of 1.5pc, banks pass on half

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Interest rates

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Depositors, shareholders winners in RBA rate cut

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Market Live : investors shrug off rba cut

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Interest rates: Why the banks are lifting term deposits instead of cutting home loans more

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Interest rates: Why the banks are lifting term deposits instead of cutting home loans more

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RBA wont pass on full Commonwealth, Anz, Nab, Westpac

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Reserve Bank: Interest rate cut likely, survey of economists finds

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Reserve Bank: Interest rate cut likely, survey of economists finds