Just hours after the first official interest rate cut in nearly seven years, the Reserve Bank will get another indication of whether there's a need for more relief to push the economy along.

The Reserve Bank of Australia (RBA) on Tuesday dropped its official cash rate 0.25 of a percentage point to seven per cent, the first cut since December 2001.

Within minutes the four major banks followed suit with a quarter percentage point reduction in their standard variable mortgage rates, while St George Bank, the fifth biggest, went one better with a 30 basis point drop.

The RBA will get a better idea of whether it might need to further ease rates next month with the release of June quarter growth figures out later on Wednesday.

Economists are predicting gross domestic product (GDP) will rise by 0.4 per cent for the three months to the end of June, taking the annual growth rate to 2.9 per cent, which would be the slowest rate since the last quarter of 2006.