TWEET TALK: Rates reaction

Economists have welcomed the Reserve Bank's 25 basis point cut to the cash rate, while others will appreciate the lesson in political rates history from Stephen Koukoulas.

"The last time a Coalition govt presided over interest rates this low - at 3.5% - Bob Menzies was PM and Harold Holt was Treasurer!"

"Assuming banks pass on 20bps, mortgage rate will drop to 6.85%, this will be a rate not seen under a Coalition govt since 2003"

Shadow Treasurer Joe Hockey (@JoeHockey) took a different approach, targeting Treasurer Wayne Swan's post-rate announcement press conference.

"Why does Swan keep running the line about a promised surplus when RBA does not even mention it in this and last statements? All spin!" Hockey tweeted.

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