Despite a widespread belief that we will get another rate cut as soon as the December board meeting, don't bank on that happening as automatically as some think after last night's speech from RBA Governor Glenn Stevens and the release earlier yesterday of the minutes of the November 6 board meeting. That also seems to be the understanding of currency markets with the dollar remaining solid at either side of $US1.04, where it has been trading for much of the past couple of months.

This comment from the board minutes, "[m]embers considered that further easing may be appropriate in the period ahead. However, at this meeting, with prices data for the September quarter slightly higher than expected and recent information on the world economy slightly more positive, the Board judged that the stance of monetary policy was appropriate for the time being" left economists and others convinced that another rate cut is a "given" and could come as early as the December board meeting (which would then see a repeat of the 2011 rate cuts in November and December).