The ASX200 has finished 0.7 per cent lower, extending its losses after the Reserve Bank cut rates while cautioning it might not do so again anytime soon.
Australia's economy is recovering thanks to the government's measures but an interest rate call is ultimately out of its hands, the prime minister says.
Peter Dutton appears to be kicking with the wind behind his back, with multiple opinion polls showing the Albanese government could be on the nose with voters as an election nears.
The local share market has hit a new record for a third day this week, despite double-digit losses for Cochlear and AMP following disappointing earnings results.
A late rally has carried the local share market into uncharted territory after Commonwealth Bank, Suncorp, AGL and Computershare all delivered better-than-expected first-half earnings.
Wall Street held relatively firm overnight following president Donald Trump's latest tariff escalation and after the Federal Reserve hinted interest rates may not change for a while.
All three US stock indexes closed lower on Friday after President Donald Trump said he plans to announce reciprocal tariffs on many countries next week, following weak jobs and consumer sentiment data.
Wall Street drifted higher overnight as gains for most stocks outweighed drops for Alphabet and some other big-name companies following their latest profit reports.
