The Reserve Bank of Australia on Tuesday cut benchmark interest rates for the first time in over four years, joining ranks with other major global central banks, as softening inflation allows room for easing policy.

Three of the big four banks cut interest rates within minutes of the RBA decision on Tuesday. Here’s why they reacted so fast.

The Reserve Bank of Australia isn’t committed to any course of action on interest rates with Gov. Michele Bullock cautioning that easing policy too quickly may stoke a fresh wave of inflationary pressures.