For the first time, the Reserve Bank of Australia has dropped its official cash rate below one per cent.
The cut of 25 basis points to 0.75 per cent is the R-B-A's third cut since June.
It comes as jobs data show the unemployment rate rose to 5.3 per cent from 4.9 per cent at the start of the year.
Treasurer Josh Frydenberg is calling for calm.
He says the Coalition expects the banks to pass the rate cut on to consumers.
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