The RBA meeting is at 0430 GMT:
We expect the RBA will be forced to pull the trigger and ease rates at the meeting on 3 May with both headline and ‘core’ inflation falling well below the target band. To date the inflation outlook has not been driving monetary policy, with the Reserve Bank of Australia (RBA) focused on the outlook for growth and the labour market. But with inflation measures significantly disappointing the RBA’s expectations, the question now turns back to the RBA’s key mandate. Given the broad-based nature of the weakness, it seems challenging for the RBA that they could pass this off as transitory.
