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Westpac revises RBA rate call; now expects cut in November

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Economists at Australia's Westpac Banking Group pushed back their forecasts for a rate cut by the country's central bank to November from October, saying it would allow the government "clear air" to sell its budget.

[SYDNEY] Economists at Australia's Westpac Banking Group pushed back their forecasts for a rate cut by the country's central bank to November from October, saying it would allow the government "clear air" to sell its budget.

Westpac economist Bill Evans expects the Reserve Bank of Australia (RBA) to cut the cash rate by 15 basis points to 0.1 per cent and commit to buying bonds in the 5-10 year maturities at its Nov 3 board meeting.

Just last Wednesday, Mr Evans had predicted a move in October on the same day as the delayed federal budget.

REUTERS

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