The Reserve Bank of Australia will almost certainly keep interest rates on hold at 1.5% when it meets next Tuesday 1st August, and we expect it to retain its fairly upbeat view on the outlook for the economy when its latest forecasts are published in the Statement on Monetary Policy on Friday 4th August. Nonetheless, we doubt it will follow the lead of other central banks and adopt a hawkish stance on the outlook for monetary policy. Indeed, we think that rates will remain on hold throughout 2017 and 2018.
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