Australian mortgage payers will get their first relief in more than four years after the Reserve Bank agreed to cut the cash rate by 25 basis points.

While the federal government will be cheering as it prepares to call an election, Reserve Bank governor Michele Bullock has made clear households shouldn't get too excited about the prospect of further cuts this year.

Also, Prime Minister Anthony Albanese has condemned two separate Islamophobic attacks on two women at a shopping centre in Melbourne's north, saying no one deserves to feel unsafe in Australia or be attacked because of their race or religion.

Victoria Police have confirmed they're investigating the incidents as "prejudice-motivated" attacks, with the state's Premier Jacinta Allan labelling it an act of "evil".

And Russia and the US have agreed to start working towards ending the war in Ukraine and improving their diplomatic and economic ties, with more talks to come.

In a meeting with his Russian counterpart, Sergey Lavrov, in Saudi Arabia, US Secretary of State Marco Rubio said the two sides agreed broadly to pursue three goals.

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