The firm previously penciled in just two rate cuts for the whole of 2019
But after the decision yesterday, they now see the Australian central bank cutting rates by another 25 bps in August and similarly in November. That will take the cash rate to 0.75% before the turn of the year.
This goes in-line with the forecast made by Westpac two weeks ago here. In essence, both ANZ and Westpac are contributing factors as to why the RBA needs to cut rates even more after they failed to pass on the full 25 bps rate cut to its customers. Irony.
