Citing slowing Chinese growth and lower commodity prices, Australia’s central bank made a bigger cut than expected in its benchmark interest rate on Tuesday, slicing it by 75 basis points to 5.25 per cent.

Australia is one of the world’s biggest exporters of commodities and has in recent years benefited from China’s ravenous appetite for resources such as coal and iron ore. But as the global – and particularly Chinese economy – show signs of slowing, Australia is beginning to feel the impact.