The Reserve Bank of Australia has held the official cash rate at 1.0 per cent for September, a decision widely expected by rate experts.
The current cash rate is at a historic low, after it was implemented in July after the second consecutive rate cut.
The RBA’s move to maintain the rate was widely anticipated by rate experts, as found in a Finder survey.
However, the majority (61 per cent) of experts have tipped a further cut for November, with Finder finding three quarters or 76 per cent of specialists and economists expect the rate to drop before Christmas.
Around 59 per cent of experts expect the rate to drop to 66 cents or lower.
Graham Cooke, insights manager at Finder, said he had never seen such a strong bias towards a move in a particularly month, as predictions are usually spread out over a couple of months.
Since 1990, the cash rate has dropped 10 times in November.
Results from Finder’s Economic Sentiment Tracker, which gauges five indicators – housing affordability, employment, wage growth, cost of living and household debt – all tipped more negative this month.
September’s results have seen the tracker at a record low for economic sentiment in household debt (10 per cent).
Housing affordability was the only metric Finder found respondents had a semi-positive outlook in its sentiment tracker.
The shadow treasurer says advisers can’t be blamed for the high cost of advice as they struggle with increased levies ...
The advice network says it has upgraded its expectation for cost savings to $4 million as a result of Diverger’s ...
Single adviser-led firms continue to expand their footprint in the Australian advice ecosystem, Adviser Ratings research ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin