⁍ Board members noted larger balance sheet expansions had led to lower sovereign yields in most other rich nations.

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⁍ The RBA has held its cash rate at a record low 0.25% since an emergency 50 basis points (bps) cut in mid-March.

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⁍ Economists widely predict the RBA will trim the rate at its Nov.3 policy meeting by 15 bps to 0.1%.

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– The Reserve Bank of Australia is widely expected to cut its key interest rate a quarter of a percentage point to a record low of 0.1% at its next policy meeting on Nov. 3, and the central bank’s minutes from its Oct. 6 meeting show it was seriously considering doing so, Reuters reports. At the meeting, board members discussed a host of options, including cutting the cash rate, buying longer-dated government bonds, and lowering the exchange rate; they also noted that other central banks had been expanding their balance sheets, which had led to lower yields in most other rich nations, the minutes say. Australia’s jobless rate is currently at 7%, and the board noted that it “would also like to see more than just progress towards full employment before considering an increase in the cash rate, as the Board views addressing the high rate of unemployment as an important national priority.”