RBA Rate cut looks a sure thing on Cup day
Punters have a near certainty on Melbourne Cup day with the Reserve Bank of
Australia (RBA) tipped to cut a key interest rate by half a percentage point to
kick a slowing local economy.
All bar one of the 15 economists surveyed by AAP has tipped the RBA to lower
its cash rate by half a percentage point to 5.50 per cent.
The overnight cash rate was last this low in March 2006.
The RBA board meets next Tuesday, and will announce its decision at 1430 AEDT,
an hour before the start of the Melbourne Cup
Repayments on an average mortgage around $250,000 would fall by $82 a month if
commercial banks pass the cut in full to borrowers.
With the global markets meltdown increasing the odds to 50:50 of dragging
Australia into a recession in late 2009, AMP chief economist Shane Oliver said
the central bank would cut by 50 basis points next Tuesday.
Mr Oliver also said the cash rate would fall to 4.25 per cent by next June, as
the RBA seeks to lower the chance of a deep economic slowdown.
"The Reserve Bank wants to head off a serious slump in the Australian economy,"
Mr Oliver said.
When the RBA slashed the cash rate by 100 basis points on October 7, central
bank governor Glenn Stevens noted the high funding costs in wholesale markets.
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