Overview
- The RBA left the cash rate at 3.6% at its Nov. 3–4 meeting after three cuts earlier in 2025.
- Minutes judge policy as slightly restrictive, possibly less so given a rebound in housing credit and firmer consumer demand.
- The board says it could keep rates unchanged for longer if incoming data prove stronger than expected.
- Officials now see inflation staying above the 2–3% target until mid‑2026, settling near 2.6% after a stronger Q3 print.
- October jobs rebounded with unemployment at 4.3%, leading markets to scale back cut odds, with roughly a 40% chance priced for a May move; easing remains possible if growth or jobs falter.