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05 Nov 2019
Despite much publicity surrounding the cut in Australia’s 2019 economic growth to 1.7% by the International Monetary Fund, the RBA decided to keep the official cash rate on hold at 0.75% at its latest meeting.
In the mix of considerations for this rate decision, the RBA board would have taken into account these external factors, the weak domestic growth forecasts, September quarter underlying inflation of 1.4% as expected, the rebound in house prices, the stabilising employment data and the fact that they have been responding, by cutting rates three times this year.
Macquarie thinks it’s unlikely the RBA will cut rates again this year and are likely to be patient to see any response in the economy to cash rates at 0.75%.