RBA resists urge to gamble on a Melbourne Cup Day rate cut
The Reserve Bank of Australia kept interest rates on hold at its Melbourne Cup Day announcement.
Melbourne Cup Day is synonymous with betting but the RBA was in no mood to gamble on a rate cut. (Image source: Shutterstock.com)
The Reserve Bank of Australia (RBA) has kept interest rates on hold, with the Melbourne Cup day announcement marking exactly 12 months since the last rate movement took the official cash rate to 4.35 per cent.
The decision on Tuesday (5 November) came as little surprise to most observers, despite lower inflation sparking hopes among some borrowers that rates would be cut.
With rates being kept at their relatively high level for at least the 10 …
