Depositor pain considered in RBA rate cut decision, minutes show

The impact of lower interest rates on depositors - in particular older Australians - was a key consideration in the Reserve Bank's decision to to cut the cash rate to a new record low earlier this month. 

Read the minutes here

The minutes from the central bank's June meeting show the "implications of lower interest rates on household incomes" was discussed at length acknowledging that "changes in interest rates can have different effects on different groups of households". 

However, ABC's Peter Ryan says the RBA cut the cash rate regardless to lower the jobless rate towards 4.5 percent.