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Interest Rate Cut On Cup Day a Possibility
Oct 31, 2011 - Eric Smyth
When the RBA meets on Tuesday Melbourne Cup day, there is a slight chance of a rate cut as inflation pressures have eased.
Official data released by the Australian Bureau of Statistics last week revealed lower inflation figures than expected for the September quarter, adding to speculation of an interest rate cut.
The data also showed that the trimmed mean CPI rose 0.3 per cent in the September quarter, for an annual growth rate of 2.3 per cent. The weighted median CPI rose 0.3 per cent in the September quarter, for an annual rise of 2.6 per cent.
These figures revealed are what most economists had predicted.
Some economists are however predicting that interest rates will probably drop in November and December. Further interest rate cuts after the end of 2011 will depend on what happens in Europe over the next few days.
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