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NAB Change to Rate Call - September 2019 - Updated
We have changed the timing of our previous rate call, bringing forward the next cut to October, with a follow-up to occur in December. Previously we expected a 25bp cut at each of the November and February board meetings in combination with some indication of likely unconventional policies going forward should more stimulus be needed. However, it appears that the impact of income tax cuts has been muted, or at least failed to offset growing weakness in the household sector. Furthermore, we previously anticipated some further support from fiscal policy but now believe this is unlikely in the near term. With monetary ... (full story)