RBA Governor Philip Lowe and the board of the RBA are being very clear with their messaging at the moment – expect more rate cuts from the Reserve Bank in 2019. Futures markets have priced in a 17 per cent chance of a 0.25 percentage point rate cut in August, but market trading indicates an expectation of more cuts, probably in November and February 2020. The RBA is concerned about unemployment, underemployment and stagnant wages growth, according to minutes of the latest RBA board meeting, released yesterday. The latest data on job advertisements and business employment intentions indicate slowing growth in jobs in 2019 and continuing high under-employment. The RBA noted that consumption in Australia is flatlining while spending on discretionary items has fallen. The RBA board said they would “monitor the labour market closely” and adjust interest rates “if needed to support sustainable growth in the economy.” The RBA cut rates in June and July by a total of .50 percentage points to 1.0 per cent. Read more on RBA Rate Updates.