Australia’s central bank trimmed its key interest rate for a third time this year, while signaling future policy decisions will hinge on incoming data.

Commonwealth Bank of Australia , the country's largest lender, and Westpac Banking Corp , the third-biggest, cut their standard variable home loan rates by 25 basis points on Tuesday following the Reserve Bank of Australia's rate cut.

SBS Finance Editor Ricardo Gonçalves speaks with NAB's Gareth Spence to find out why the RBA cut interest rates and if there are more to come, Sally Tindall from Canstar looks through the impact for borrowers,