Australia's central bank is set to maintain interest rates at a 13-year high of 4.35%, reflecting a year of unchanged policy. This decision arises as the Reserve Bank grapples with slow disinflation and increasing global risks, particularly influenced by a tight US election. Economists anticipate that the board's statement will remain cautiously hawkish, emphasizing the necessity for a restrictive policy, especially as forecasts indicate that core consumer prices are likely to remain elevated.
In related news, OPEC+ has decided to postpone a planned oil output increase originally scheduled for December. The group, which includes the Organization of the Petroleum Exporting Countries along with Russia and other allies, was set to raise output by 180,000 barrels per day. However, weak demand, particularly from China, and rising supply from outside the group have exerted downward pressure on the oil market. This decision follows prior delays due to falling prices and reflects ongoing concerns regarding the global economic landscape.