Westpac, ANZ, CBA and NAB are all forecasting an Reserve Bank of Australia 25bp rate cut at the meeting on October 1.
Not everyone is in the same boat, though,. This via ING tipping the bank will remain on hold.
- Although Australia's year-on-year GDP growth slowed for the fifth consecutive quarter to 1.4% in 2Q19, it doesn't really qualify for weakness when the quarterly growth rate is still holding steady, at 0.5% in the last quarter.
- And it's not GDP growth alone, but inflation that also drives the RBA's monetary policy.
- Inflation gained some traction recently on the back of firmer jobs and wages growth. Even so, a rise in the unemployment rate to a one-year high of 5.3% in August from 5.2% in July looks to have swayed some forecasters towards a rate cut next week, making this event too close to call.