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It's a small example of what's happening right across the country are be a cut 25 basis points expected.

But this broad economic threat has forced the Reserve Bank to cut rights, the first central bank in the developed world to do so since the virus outbreak.

In a statement, it pointed out that the Corona virus is having a significant effect on the economy, that the uncertainty is likely to affect spending.

That economic growth right now is likely to be noticeably weaker than expected and that it's difficult to predict how large and long lasting the effect will be.

Rate cuts are really in part designed to short circuit that that really poor confidence in the downward spiral in risk ass it's on which can feed through to the real economy.

Prime Minister Scott Morrison took the extraordinary step of virtually flagging a rate cut before it happened, pressuring lenders to pass it on.

I would expect they would do the right thing by those Australians who are looking to see any support that the Reserve Bank would be seeking to provide at this time.

For these reasons, all four major lenders obliged, passing on the full 25 basis points, which means a monthly saving of $60 on a $400,000 standard variable loan.

But savers will be worse off.

The prime minister's comments left financial markets with the impression that the Reserve Bank could take even more drastic action.

Now there's a lingering sense of disappointment, which the R B I probably didn't want, the R B A said.

It's prepared to cut rates again.

But there was a clear message to the government to doom.

Or there's a very pointed reference to the government assisting areas most affected by the Corona virus.

It's unlikely the government needs any more convincing.