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Smaller lenders have been quick to immediately pass on the RBA’s interest rate cut to customers but the big four weren’t so trigger-happy.

The Reserve Bank has gone all-in on propping up the economy by cutting the official cash rate to 0.1 per cent – the lowest it has ever been in Australia.

The Reserve Bank says Australia has already started to exit its recession and the lockdowns in Victoria haven’t affected the national economy as much as first feared.

Investors are swooping in on the COVID-hit inner-city apartment market as Melbourne begins its slow exit out of restrictions.

Real estate agents say momentum was already building with online auctions ahead of the expected boost that should come from eased restrictions for on-site sales.