The recent federal rate cut in Australia has been met with mixed reactions. Some right-wing media outlets have sought to criticise it as too small, while some economists have declared it a master stroke in policy patience.

Three of the big four banks cut interest rates within minutes of the RBA decision on Tuesday. Here’s why they reacted so fast.

The Reserve Bank of Australia on Tuesday cut benchmark interest rates for the first time in over four years, joining ranks with other major global central banks, as softening inflation allows room for easing policy.