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By Greg Peel
The RBA has elected against cutting the cash rate this month despite clear signs of a rapidly weakening Australian economy. The price of oil has fallen 20%, and if it can continue to do so inflationary pressure will ease across the globe. However it’s early days, and with a strong terms of trade and pressure from wage claims the RBA will likely await the September CPI before being convinced that a cut can be afforded.
The clue may be in the accompanying statement. More to follow.
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