MARKET AT 7
Good Morning.
The Reserve Bank decides at 2:00pm Adelaide time today, with a rise to 4.85% widely expected.
Brent oil slipped below US$110 on Monday as Iran and Qatar held talks.
Hong Kong's privacy commissioner warns of fake refund calls after three company data breaches.
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MARKET AT 7
RBA decides today as Westpac warns of deep housing slump
💹 Market Closed
Westpac forecasts a 10.9% house price fall as the RBA decides on rates
Westpac forecasts house prices will fall 10.9% in the year to March 2027, and it calls the downturn steeper than any in nearly two decades.
Chief executive Anthony Miller told Reuters that buyers are waiting for prices to drop further. Credit impairment charges (money set aside for bad loans) rose 104% to $864 million, and mortgage applications fell 15% in the September quarter from a year earlier.
The Reserve Bank decides at 2:00pm Adelaide time. A rise would be its fifth this year and lift the cash rate (the benchmark behind home loan rates) from 4.60% to 4.85%. Markets put a rise at about 80% to nearly 90%, depending on the source. On a variable loan, your lender decides how much to pass on.
Our take: Higher rates and falling prices land hardest on people who bought recently with a small deposit.
Money Moves
Oil slips below US$110 as Iran and Qatar hold talks. Brent traded near US$110 on Monday, down about 3% from Friday's US$113.43 settlement, FinanceFeeds reports, citing Reuters. Iran's foreign minister says Qatar helped shorten a plan to reopen the Strait of Hormuz to two days. Washington had not publicly responded. Our take: One round of talks is not a deal. Source: FinanceFeeds, 02/11/2026 →
Asia's chip exporters see factory growth slow. Japan's October manufacturing PMI (a survey where above 50 means growth) fell to 53.3 from 54.1 and South Korea's to 51.3 from 53.9, Reuters reports. Factories in Vietnam, Indonesia and Malaysia grew faster than in September. Our take: I'd want another month of readings before calling this a slowdown. Source: Reuters via Business Recorder, 02/11/2026 →
Scam Watch
Hong Kong's privacy commissioner says some customers of Hong Kong Airlines, YOHO and Broadway Photo Supply reported scam calls after online purchases, once their data was breached. The callers posed as customer service staff and offered refunds. The commissioner says some cases involved losses above HK$100,000, and her office has received 85 enquiries and complaints. The breaches are under formal investigation.
The red flag is a refund offer you did not ask for. The commissioner warned people to be wary of callers posing as customer service.
Hang up. Check the caller through the company's official website or hotline, and never give out bank or credit card details on a call. In Australia, report scams to Scamwatch.
Region Radar
New Zealand: The September-quarter unemployment rate is due Wednesday at 8:15am Adelaide time, with economists picking 5.4% to 5.6% against 5.6% in June, newswire.co.nz reports. Pacific: nothing verified inside the five-day window. Southeast Asia: Indonesia's annual inflation eased to 3.23% in October from 3.28%, with core at a six-month low of 2.56%, Samuel Sekuritas says [need to confirm: official figures from Statistics Indonesia].
Do this today
Save your bank's fraud line in your phone now. If anyone calls about a refund or a problem with your account, hang up and ring that number instead. It takes two minutes.
Today’s calendar
Nothing is confirmed for Monday. This week:
Tuesday 3/11, 2:00pm Adelaide time: RBA decision, with a press conference at 3:00pm.
Tuesday 3/11: US midterm elections, with results reaching Adelaide on Wednesday.
Back tomorrow with the RBA's answer. — Miko Santos