This week the IMF told Australians what we already knew – we are hurting from rate rises more than anyone. But that is unlikely to mean the Reserve Bank is about to cut rates.
The market expectation is that by this time next year the RBA will have cut rates twice to 3.85%. If that is comforting, just remember that a year ago the market predicted the cash rate would now be 3.35%, not 4.35%. It was only out by a full 100 basis points.
