Murray Olds: Australian correspondent on the Australian Reserve Bank holding rates at 4.35 percent

There's still no relief for Australian homeowners as the RBA leaves rates unchanged at 4.35 percent.

This decision falls in line with expectations from economists - as the nation grapples with the impacts of high inflation.

Australian correspondent Murray Olds says it's looking more likely the Reserve Bank will not start cutting rates until 2025.

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Episode Transcript

Speaker 1 (00:00):
International correspondence with Ends and Eye Insurance, Peace of Mind
for New Zealand business.

Speaker 2 (00:06):
Murriol's as a correspondent with US Now Mars afternoon. Heather
got your fascinator on.

Speaker 1 (00:12):
Oh mate, this looks fascinating. I actually I could do.
I mean, the whole of head hair transplant would It
would be a whole lot better than.

Speaker 2 (00:23):
Yeah, we'll have you head about the Melbourne Cup, sut.
We just want to talk about the RBA decision. Rates
have been held, have they?

Speaker 1 (00:28):
They have it four point three five percent as expected.
I don't think anybody was tipping they're going to cut today,
one more meeting in December and then end of the
new year, and the feeling is that the Reserve Bank
will move to cut into rates. Look, inflation figas have
been good, but they're not as sweet as the Reserve
Bank wants. And Michelle Bullock, I mean, if they thought

(00:50):
she was going to be a pushover, forget it. She's
a very, very tough customer. She was the Deputy Governor
of the Reserve Bank for a very long time and
she has made it clear from the start she's not
going to be bullied pushed around by politicians and she
will be you know, she and the board will be
altering rates when they think Australia is in a sustainable
sweet spot and that looks like being in the new year.

(01:13):
All the big four banks over here anticipating rate cuts
very very early in February, and some of them three
times next year, says the A and Z. Four cuts
are good in the Commonwealth Bank and Westpac, and the
NAB is saying well five and just right cuts next year.
So why jump ahead of the of the curve? So

(01:35):
no cut, No early Christmas present expected next month either
for mortgage holders. But watch your space in the new year.

Speaker 2 (01:41):
Now good, okay, Now what have you taken out any
bets on the Melbourne Cup?

Speaker 1 (01:45):
But I haven't because I'm the most hopeless punter ever.
The last time I bet in the Melbourne Cup was
nineteen eighty three. And have a guess who won? Kiwi
Kiwi won in eighty three, lasted the last turn and
stormed home. So today, if you've got any any lazy dollars,
Buckaroo has firmed up. Vau Bown is also right up
there seven dollars earlier today one smooth operator was at

(02:08):
eight bucks. The value bet they reckon was warm speed.
If you're liking a female jockey, there are a record
four in the race today. There's Jamie Carr on Okita Sushi,
Holly Doyle on c King, Rachel King on the map,
and we're known a cost on positivity. Mark Mara the
jockey looking to win a hat trick, Heather his third

(02:30):
straight Melbourne Cup if he gets up today on Circle
of Fire. And if you win, four point four million
dollars to the winning connections, second gets one point one million,
third gets a lazy half million dollars.

Speaker 2 (02:43):
It just like that, but cheeky alfa milk. Hey, So
have these independent MP's actually canceled the lounges memberships.

Speaker 1 (02:50):
Well, they're saying they're going to, and don't expect a
bad rush from all the other politicians in Federal Parliament,
because that's one of the perks. These people really love
a lot of them, the whole lot of them, both sides,
all sides. The Greens are in there with the snouts
and the trough the you know. And of course you
won't hear too many of the politicians saying all they're

(03:10):
doing is virtue signaling. These are independents. But that's exactly
what they're doing. I mean they've been called out for
another greedy excess of grab that politicians always seem to
get caught out on. I mean it's top of to
them for free. I accept that, but it's just a
crooked look for everybody over here is eating whickpigs for dinner.
The last thing these people get about a quarter million

(03:32):
dollars a year and start climbing from there. It just
looks terrible. And for the opposition to be howling at
albaneasy about his house and about the flights, give me
a break. I mean, Bridget McKenzie's the shadow Transport minister.
I know I've never taken a flight. Oh yeah I
did take one. Oh my staff are now looking how
many have actually taken. It's just pocracy written in neon

(03:56):
lights right across the front of the stage. Yeah.

Speaker 2 (03:58):
Nobody likes getting found out like that. Must Thank you
very much, go and enjoy the race. Appreciate your sign mate,
Mariold's Australia correspondent. For more from Hither Duplessy Allen Drive,
listen live to news talks it'd be from four pm weekdays,
or follow the podcast on iHeartRadio.