00:00At the race that stops the nation came the news that stopped punters in their tracks.
00:07Very disappointing, especially everyone's got a mortgage.
00:10I think the rate's already too high as it is.
00:12We deserve another cut and I think we've waited a long time to see interest rates come down.
00:17But after a shock rise in inflation, the RBA Governor wasn't taking any chances.
00:22At the same time, the unemployment rate has gone up.
00:24It's still low relative to history and monthly data are volatile.
00:28But the labour market does seem to have eased.
00:30So the board will remain cautious, driven by what the incoming data tell us about the outlook.
00:36The RBA has kept the cash rate on hold at 3.6%, the lowest it's been in two and a half years,
00:42after already cutting rates three times this year.
00:45We are alert to the risk that we have misjudged the gap between demand and supply in the economy in either direction.
00:51With power bills surging and property prices rising at their fastest pace in more than two years,
00:56the question now is will there be some relief and when?
01:00Markets are pricing in a 70% chance of another cut by May next year.
01:04I think there is one more rate cut out there, though it may not be until the middle of 2026.
01:10The next move is more likely to be down than up.
01:13When really depends on the data coming forward.
01:16While there's been no help on the interest rate front, the economy is looking a little bit sluggish.
01:21Unemployment's on the rise, household spending is virtually flatlining,
01:25property is becoming even more unaffordable, while economists say living standards are under pressure.
01:30The squeeze is really on for families at the moment, you can see it.
01:34Australian productivity growth among the poorest in the world,
01:37and if the pie isn't getting much bigger, then there's not much room for us to share.
01:43Leaving millions of borrowers feeling down on their luck.
01:47So, the fact is that more than 10 years,
01:52we see it has a lot of time for us to be down for us.
01:55And we've got to get rid of it.
01:57And we'll try and get rid of it.
01:58What does the aligned place that it has to be done with the pitch?
02:00I think we want to do the balance.
02:01And we'll try and get rid of it.
02:03Just let's see.
02:06And I'll try and get rid of it.
02:08And we'll try again.
02:09It takes a lot of time for us to have a good boost.
02:11And I think, I think we want to get rid of it.
