The RBA have released their November board meeting minutes today and have indicated that we’re potentially looking at a cut next month. With interest rates below average levels, the waning effect of the high exchange rate and more positive international conditions, the members saw fit to hold the cash rate in November. Their concluding statement pointing to a potential reduction next period is below:
The Board’s decision at the October meeting to reduce the cash rate had pushed borrowing interest rates a little lower relative to their average levels. The effects of the earlier reductions in the cash rate were, meanwhile, continuing to work their way through the economy, and members expected that further effects of these changes were yet to be observed. Members considered that further easing may be appropriate in the period ahead. However, at this meeting, with prices data for the September quarter slightly higher than expected and recent information on the world economy slightly more positive, the Board judged that the stance of monetary policy was appropriate for the time being.
You can view the complete minutes here : http://www.rba.gov.au/monetary-policy/rba-board-minutes/2012/06112012.html