Most economists expect the RBA to reduce the cash rate costs by another 0.25% but rising house prices could persuade policy makers to hold fire. Follow all the developments ahead of the decision at 2.30pm
The ASX200 has risen ahead of today’s rates decision. The benchmark index is up 17.30 points this lunchtime to 6,705.60, a rise of 0.26%.
The Aussie dollar is under more pressure though. It’s down 0.16% to US67.4c.
Good afternoon and welcome to the live blog on the Reserve Bank’s interest rate decision. The bank’s board members are tipped by a majority of economists to cut the cash rate by 25 basis points to 0.75% this afternoon.
The chief factors driving the move are continued sluggish economic growth and the need for the RBA to meet its inflation rate of between 2-3%.
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