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The Reserve Bank of Australia has suprised financial markets by slashing interest rates by 1 per cent because of the severe international financial conditions.
Most economists had been predicting a cut of 0.5 per cent.
Today's cut is the first official one-percentage point move since 1994, when rates increased by 1 per cent.
Ms Kevans also says another rate cut is likely before Christmas.
"We'll definitely see a follow up cut in November," she said.
"It depends what happens in financial markets between now and then as to how drastic that cut is.
"But we're likely to see at least 25 basis points in November."