We expect it to be - in line with market expectations - a relatively unremarkable event. The Bank is likely in a good spot in terms of the monetary stimulus that has already been deployed to assist the fiscal efforts against the pandemic shock. The fall-out of the lockdown in Victoria will likely be in focus and Governor Lowe may once again highlight the serious economic damage for the whole country. The lack of hard data to back any policy shift suggest a wait-and-see approach should prevail.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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