Terry McCrann tips a 25bps cut for November, but says that is it.
I doubt that. The RBA doesn’t fine tune. They would not move unless they thought they had more to do.
I think that H1’11 CPI was an aberration, and that underlying is running ~2.25%y/y. So the Bank probably had their Q3 SOMP CPI forecasts ~100bps too high. A 100bps cut in your CPI projection will get you ~150bps of easing on a standard 1.5x Taylor Rule.