Done and Dusted?

NAB Morning Call · Nov 3, 2026 · 15m

Wednesday 4th November 2026

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NAB’s Taylor Nugent assesses the fallout from the Reserve Bank of Australia’s Melbourne Cup Day decision, where the Board delivered a widely anticipated 25-basis-point increase to lift the cash rate to 4.85%. Despite the rate rise, domestic bond yields and the Australian dollar both declined—with the Aussie dipping back below 70 US cents—as markets seized on a dovish 6–3 split vote and a subtle softening in the RBA’s forward guidance, reinforcing NAB’s view that the central…