NAB & ANZ predict November rate cuts
NAB on Monday revealed it believes the central bank's board will cut the cash rate by a quarter of a percentage point when it meets on November 6, and then again in February.
The forecast is a dramatic change from its previous position, which proposed no cuts right through to the June quarter next year.
This followed ANZ's statement on Friday, when it said it expected a rate cut at each of the next two Reserve Bank of Australia board meetings – after earlier predicting only one cut in November, and another in early 2013.
NAB group chief economist Alan Oster said it appeared weak conditions in the non-mining sectors were weighing on the RBA board's mind, with previous rate cuts failing to stem the downturn.
Source: Herald Sun