The Reserve Bank and Morrison government have committed $105 billion to build a financial bridge over a growing chasm in the Australian economy, cutting interest rates to record lows, offering cheap loans to banks and small businesses and embarking on the first major quantitative easing program the country has seen.

After cutting the official cash rate by 0.25 percentage points to 0.25 per cent Reserve Bank governor Philip Lowe said circumstances were so "extraordinary" that the cash rate was likely to remain at the record low for another three years.