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Focus Returns To The RBA Ahead Of Weak GDP Read
No rate cut this week but there will be confirmation the Australian economy is staggering slowly towards stagnation with growth only saved by the one-off boost from surging iron ore prices which won’t be repeated this quarter. Tomorrow will see the Reserve Bank leave its cash rate steady at 1%, but with a bias to cutting which economists reckon will again happen in November. Some economists though caution that the central bank could slip in a cut in the cash rate of 0.75% tomorrow ahead of what is expected to be a very weak set of national accounts for the June quarter to be released on Wednesday. The AMP’s Dr. ... (full story)