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03 Sep 2019
The RBA this month decided to keep the official cash rate on hold at 1%.
Macquarie has adjusted its thinking and now sees the likelihood of an interest rate cut in October rising, followed by another in November.
In Australia the mixed signals from economic data weighs more heavily to the downside, however in our view the RBA will wait for the second quarter GDP growth number, which is released after this month’s board meeting, before acting.
The RBA has downgraded its growth forecast to 2.5% but have maintained a 2020 growth rate forecast of 2.75%.