Impact of US rate cut in Australia remains to be seen

Australia's biggest lender is tipping homeowners will have to wait longer for interest rate relief. (Russell Freeman/AAP PHOTOS)

Cuts to US interest rates won't necessarily prompt Australia's central bank to do the same, a federal minister says, but could deliver some cost-of-living relief in the long run.

The US Federal Reserve cut interest rates by 50 basis points on Thursday - the first reduction in its benchmark federal funds rate in four years.