Aussie shares push higher as rate cut lifts markets

An interest rate cut has helped the Australian market finish higher. (Bianca De Marchi/AAP PHOTOS)

Australian shares have rallied after the Reserve Bank announced a widely expected interest rate cut, which will provide relief to thousands of businesses.

The S&P/ASX200 rose 48.2 points, or 0.58 per cent, to 8,343.3 as the broader All Ordinaries gained 48.6 points, or 0.57 per cent, to 8,573.4.