Reuters studies show that the Bank of Australia plans to lower its interest rate to below 1% next week, though the bank may cut its interest rate two more times to support it`s economy by shifting inflation.
The Bank of Australia has cut interest rates twice since June. The cuts have prompted banks to lower mortgage rates, helping spark a welcome revival of the country's subdued housing market.
Debelle Deputy Governor of the Reserve Bank of Australia said on Tuesday that if the interest rate drops by 0.5%, the bank would consider unconventional monetary options, though he hopes such heavy political adjustments will not be necessary.
But overall, more than 80% of the surveys or 29 of the 35 surveys predict interest rates to reach 0.5% by the end of 2020.