Live updates: Relief for borrowers as RBA hands down long-awaited rate cut; Official cash rate down to 3.60 per cent

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Hello and welcome to 9news.com.au's live coverage of the Reserve Bank's August interest rate decision. After last month's shock hold, the RBA has handed down a long-awaited interest rate cut. At today's monetary policy meeting, the board announced it has cut the official cash rate target by 25 basis points to 3.60 per cent.

READ MORE: RBA hints even more relief on the way after long-awaited rate cut