Malaysia's central bank cut interest rates for the first time in five years on Wednesday, as global trade uncertainties threaten the export-oriented economy, raising the prospect it may lower borrowing costs again this year to shield the economy.

Malaysia's central bank cut its benchmark interest rate for the first time in five years on Wednesday, as it looks to support the economy amid a weaker growth outlook and rising uncertainty in global trade.

The Reserve Bank of Australia decision dashed the expectations of millions of working-class households of early relief from crushing home mortgage repayments.