Australia's Reserve Bank has lowered its interest rates for the first time since 2020

It held the cash rate at 4.35-percent for more than a year, as post-pandemic inflation slowly cooled.

Australian Correspondent Murray Olds says today's 0.25-percent cut was widely expected, with inflation now around the 2-3-percent target range.

He says interest rate cuts are on the way and it's not expected to be the first this year.

Olds says Anthony Albanese will be very happy, given recent awful opinion polls.