Daily Commentary BY THE CURVE TEAM –


26th November, 2019

No it isn’t the first Tuesday of the month but today the RBA has the opportunity to give us a clear update on the outlook for monetary policy.

In the wake of the recent disappointing employment numbers, the market has been keenly awaiting a comment from the RBA. Today is the perfect platform for the RBA to give the market clarity on where monetary policy is heading.

Deputy Governor Guy Debelle will kick things off this morning with a speech at the 2019 ACOSS National Conference. Given the unwanted trend in the employment data, the title of his speech, ‘Employment and Wages’ will no doubt have the market on watch.

The Governor will then take centre stage where he is set to speak at the annual ABE Dinner tonight. Many are hoping that his speech, titled ‘Unconventional Monetary Policy: Some Lessons from Overseas’ will contain details on what unconventional monetary policy in Australia may look like given it looks increasingly likely.

With the market moving to price in another rate cut on the back of the latest employment release, the speeches today will be the key to shaping the outlook as we head into the holiday season.

In an exciting move for monetary policy watchers, the RBA will be broadcasting tonight’s speech live via their website.

David Flanagan

Director - Interest Rate Markets