Economists and Australian industry experts believe that the Central Bank is unlikely to make any alterations to the official interest rates today, while Australia conducts its famous annual horse race- The Melbourne Cup.
Last month, the bank delivered its third 0.25 percentage point cut in five months, which impeded retail and business confidence amid global volatility. The RBA awaits to see if the record low borrowing costs and government tax handouts boost inflation and the broader economy.
However, experts believe that better than expected retail trade figures released on Monday lower the chances of an interest rate cut, though the country expects another cut in or around February 2020.
A further cut or the rate at 0.75 per cent- the decision would be out soon!
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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