Aussie shares extend losses after RBA cuts rates

The ASX200 has finished 0.7 per cent lower after the Reserve Bank of Australia cut rates. (Bianca De Marchi/AAP PHOTOS)

The local share market has closed in the red for a second consecutive day, with the losses accelerating after the Reserve Bank cut interest rates for the first time in four years - while warning it might not do so again for while.

The benchmark S&P/ASX200 index on Tuesday finished 56.1 points lower at 8,481.0, a loss of 0.66 per cent, while the broader All Ordinaries dropped 55.2 points, or 0.63 per cent, to 8,756.7.