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AAP
AAP
Poppy Johnston and Kat Wong

Photo finish looms for Melbourne Cup interest rate call

Economists from the big four banks are punting on an interest rate hike on Melbourne Cup Day. (James Ross/AAP PHOTOS)

Borrowers are hoping to be spared more interest rate pain ahead of the festive season, although a Melbourne Cup Day interest rate hike remains firmly in play.

The Reserve Bank of Australia is heading into a live interest rate call on Tuesday following a stronger-than-expected set of inflation data, robust spending and signs of resilience in the jobs market.

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