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Analysts at Nomura expect the Reserve Bank of Australia (RBA) to cut rates by 25 basis points in November 2019 and February 2020 and put the probability of the central bank starting a quantitative easing program at 40%.

The RBA said earlier this month that zero interest rates and quantitative easing are unlikely to be needed in Australia.

“It’s possible we end up at the zero lower bound. I think it’s unlikely, but it is possible. We are prepared to do unconventional things if circumstances warranted. I hope we can avoid that,” RBA’s Governor Lowe said on Aug. 8.