Opinion

Will the real Reserve Bank governor please stand up

The RBA will almost certainly cut interest rates on Tuesday. But we don’t know which version of Michele Bullock will appear to explain the decision.

Jonathan ShapiroSenior reporter

Jul 6, 2025 – 10.18am

Email LinkedIn Twitter Facebook

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

On Monday morning, the newly established Reserve Bank monetary board will meet for just the second time to set interest rates.

The decision, to be delivered on Tuesday afternoon, appears to be a foregone conclusion. As of Friday, a 25-basis-point rate cut to 3.6 per cent was almost entirely priced in by the money market. After a handful of late call changes, just three out of 36 economists surveyed by The Australian Financial Review were brave enough to disagree.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.