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Big four banks warn first rate cut won’t come until November, as ‘incredibly strong’ migration makes the RBA’s task ‘more difficult’

Big four banks warn first rate cut won’t come until November, as ‘incredibly strong’ migration makes the RBA’s task ‘more difficult’

In short: The economics teams at Australia’s ‘Big Four’ banks all expect the Reserve Bank to cut interest rates in November, rather than September. They say last week’s surprisingly strong inflation data show inflation is ‘stickier’ than anticipated. But extremely weak retail sales in March show households are under pressure, while strong population growth is complicating the RBA’s...