APN NewsdeskHOMEOWNERS are unlikely to see another interest rate cut when the Reserve Bank meets on Tuesday, with markets tipping the next cut for August.
Westpac chief economist Bill Evans wrote the current interest rate of 2.75% would stay until August, but could reach 2% next year.
In a regular bulletin to subscribers, Mr Evans wrote a three cuts of 25 basis points each were likely in August, a second in last 2013, and a third in early 2014.
He wrote future markets were pricing an 18% chance of a 25 basis points cut in June rising to 75% probability in August and 100% probability of at least one cut before year's end.
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