The Reserve Bank has primed markets for action at its next meeting on Melbourne Cup day, sending co-ordinated signals that it has arrived at a point where it is ready to step in with further monetary accommodation.

Economists believe that will take the form an multi-faceted rate cut, including the official cash rate, to 0.1 per cent from 0.25 per cent, and a declaration of intent about outright quantitative easing via large scale bond purchases.