Live updates: RBA expected to cut interest rates after last month's shock hold

Bullock has just been asked whether she’s concerned about what might happen to house prices following today’s cut.

She says the RBA is watching those prices, but ultimately isn’t responsible for them.

“So yes, we would expect to see (price rises) happen. We hope it happens in a nice measured way, but ultimately we don’t forecast property prices,” she says.

“We can’t control what happens there because I think, as I’ve said before, property prices are about supply and demand in the housing market, and we don’t control that.

“But we do know that historically, as interest rates fall, then activity in the housing market picks up.

“That’s exactly what we’d expect. And it is one of the channels through which monetary policy works.”