Melbourne Cup day has been a popular choice for cash rate changes. Rates were changed on six out of the past sevenNovembers. But no commentator was expecting a move today and market pricing put little chance on a move either. Thegeneral run of economic data has increasingly favoured the “no change” outcome just delivered by the RBA.The cash rate remains at a record low of 2½% and this looks like the low point for the cycle. We expect the RBA to remainon hold from here.
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Commonwealth Bank