Hold onto your reins, fellow Aussies! The Melbourne Cup isn't the only event causing a stir this November.

?? #FridayFinancialTip ??

Hold onto your reins, fellow Aussies! The Melbourne Cup isn't the only event causing a stir this November. ????

Today, higher-than-expected inflation data for the September quarter has market analysts predicting that the Reserve Bank is gearing up to hike interest rates on November 7, just half an hour before the nation's beloved horse race.

These numbers, released less than 24 hours after Governor Michele Bullock's stern warning about raising the cash rate for the 13th time if inflation doesn't play nice, are raising eyebrows. Inflation for the quarter rose by 1.2%, higher than market forecasts. But the real kicker is in the core readings, especially the 'trimmed mean,' the RBA's preferred measure, which surged to an annual growth of 5.2%, well above forecasts and RBA's own expectations.

This could spell a potential 0.25% rate hike, say experts like AMP's Diana Mousina and Bank of Queensland's Peter Munckton. They believe an interest rate increase is imminent, given Australia's cash rate is lagging behind its peers.

However, not everyone is convinced that a November move is the right call. Mousina warns that the RBA should allow more time for monetary policy impacts before making a decision to avoid a significant economic slowdown in 2024.

So, as you prepare for the race that stops the nation, keep an eye on your financial reins, and stay tuned for updates on the economic track! ????

If you need help navigating these financial waters, call Oasis Financial Planning at 1300 911 721. Get our free financial planning tips and strategies book

They're here to guide you through these uncertain times. ?? #FinancialNews #MelbourneCup #InterestRates #EconomicInsights #FinancialPlanning