The Reserve Bank of Australia monetary policy meeting is today. Announcement due at 0330 GMT

I have posted previews already:

And added this earlier in the Economic data due from Asia today post:

  • No change to the cash rate is expected, by pretty much anyone
  • Its at 1.5% and looks like it'll be there for quite some time to come
  • Attention will turn to Lowe's statement in the wake of the disappointing data lately (last week's retail sales results were a shocker). Attention will then turn to Friday's SoMP (Satement on Monetary Policy) from the Bank, which will update growth and inflation forecasts. Check out those linked previews for more on this.

Preview now, this via Capital Economics on today's meeting and Friday's SoMP

  • We think the financial markets are right to pare back their expectations of how far interest rates will rise next year. Admittedly, we expect that after leaving rates at 1.5% at this meeting, the forecasts the Reserve Bank of Australia publishes in the Statement on Monetary Policy on Friday 10th will paint a rosy picture of the economy. But we don't think the outlook is as good, which why we are not expecting the RBA to raise interest rates at all next year.
  • The RBA will presumably acknowledge the weaker news on retail sales and inflation in the policy statement, which is we expect will retain the RBA's neutral interest rate bias.
  • But we doubt that it will prompt the RBA to revise down its forecasts that GDP growth will rise to 2.5-3.5% next year and that underlying inflation will rise to 2.5% by the middle of 2019 in Friday's Statement on Monetary Policy.
  • Our view remains that weaker dwellings investment and consumption growth than the RBA is expecting will mean that GDP growth next year is more likely to be 2.5% rather than 3.0% and that subdued wage growth will contribute to underlying inflation staying below the 2-3% target for another year. That's why we believe interest rates will remain at 1.5% throughout next year and for most of 2019 too.

(bolding mine)