The vast majority of respondents to a HashChing survey believes that the Reserve Bank of Australia will keep the cash rate on hold today.
This afternoon, the RBA will announce what the official cash rate for the month of October will be, following its monthly board meeting.
For more than a year, the cash rate has held at its record-low rate of 1.50 per cent, with many expecting the rate to remain at this level for another month.
According to the monthly HashChing survey released ahead of the RBA board meeting, 92.25 per cent of brokers believe that the interest rate will stay on hold.
While the number remains high, it is slightly down on the previous month’s survey, where 93.62 per cent correctly predicted that the September rate would stay at 1.50 per cent.
The cash rate last moved in August 2016, ticking down by 25 basis points.
However, there has been a rising expectation that the rate will rise in due course.
ANZ suggested last week that the cash rate will be lifted by 50 basis points next year, reversing the rate cuts of 2016.
[Related: Borrowers in the dark over rising rates]