But the Reserve Bank of Australia disappointed with their announcement it would keep rates on hold.
This seemed to catch most of Australia buy surprise, even the banks.
“For those who were paying attention, it was a major surprise as almost every economist was tipping a cut, and financial markets had priced it in as a done deal,” The Guardian reports.
“This was how it had been duly reported leading up to the decision, and Aussies could have been forgiven for already planning what they would do with the extra cash when their interest payments went down.”
But there is a silver lining of sorts.
While we didn’t get the cut this time round, the Reserve Bank governor Michelle Bullock more or less promised one at some point, saying that for future rate movements, “the direction is down, but it’s cautious”.
Well, we’ve had some dud steers from the Reserve Bank before, but let’s hope this one delivers soon!
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