Governer of the Reserve Bank of Australia Michele Bullock, speaks at a media conference on Monetary Policy Decision, Sydney, 30 September 2025.
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A mere matter of weeks ago, experts were expecting an early Christmas present from the RBA.

Now, it’s just as likely that Michele Bullock and her board instead decide to play the part of the Grinch.
Following yesterday’s widely expected hold, economists are uncertain about whether the cash rate will deviate from its current level of 3.60 per cent before the end of the year – something that had recently seemed likely.
Governer of the Reserve Bank of Australia Michele Bullock, speaks at a media conference on Monetary Policy Decision, Sydney, 30 September 2025.
Michele Bullock was noticeably guarded in her press conference yesterday.(Dominic Lorrimer)

Nonetheless, Ellis mentioned that a positive aspect might arise if Bullock and her monetary policy board decide to maintain the interest rates at current levels for the remainder of the year.

“The longer the (board) delays further cuts, the more likely it is that it will end up cutting by more than it currently envisages.”

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